President Trump announced a delay for the implementation of new tariffs that were set to begin on July 9. The executive order signed by Trump delays reciprocal tariffs to August 1, while tariffs from Japan and South Korea will now be set at 25%. Japan's initial rate was 24%, and South Korea's was already at 25%, with South Korea hoping for negotiations to lower this rate. The updated tariffs also affect Malaysia (reduced from 25% to 24%) and Cambodia (set at 36% from an original 49%). The uncertainty surrounding the August 1 deadline was underscored by Trump’s comments that while it is a firm date, it isn't 100% guaranteed. This decision came after a series of changes and updates in Trump’s trade policies, reflecting ongoing negotiations and responses from foreign leaders. Despite the tensions, including statements from Japanese Prime Minister Shigeru Ishiba expressing regret over the tariffs, there is hope for future agreements. Trump is set to discuss these trade matters further in an upcoming Cabinet meeting.

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