00:00Our Wall Street's major indexes closed lower on Monday, July 7th after U.S. President Donald
00:06Trump announced hefty tariffs against Japan, South Korea and other trading partners, while
00:11Tesla shares sank after CEO Elon Musk said he was forming a new U.S. political party.
00:17Indexes added to losses after Trump announced the tariff rates against Japanese and South
00:22Korean imports due to take effect on August 1st. Stocks wobbled further in the late afternoon
00:28when he announced hefty tariffs on Malaysia, Kazakhstan, South Africa, Laos and Myanmar.
00:35The White House announced Monday that the U.S. will impose 25% tariffs on all imports from
00:40Japan and South Korea starting August 1st. President Donald Trump revealed the move in
00:45letters addressed to both leaders, part of a broader effort to pressure trading partners
00:50into new agreements. White House Press Secretary Caroline Levitt said 12 more countries will
00:55receive similar letters in the coming days. Trump also signed an executive order delaying
01:01the previous July 9th deadline to reach tariff deals now extended to August 1st. In the letters,
01:07Trump warned that any retaliatory tariffs would result in an additional surcharge on top of
01:12the 25%. The administration also announced tariffs on Malaysia, Kazakhstan, South Africa, Laos
01:19and Myanmar with rates ranging up to 40%. U.S. markets reacted to the move with the S&P 500 falling
01:26nearly 1% and shares of Japanese automakers sliding. Negotiations are ongoing with some countries
01:33still seeking last-minute deals to avoid the levies.
01:38I have the signed letters that went out to both South Korea and Japan today and there will be
01:44approximately 12 other countries that will receive notifications and letters directly from the
01:49President of the United States. And weeks ago, I stood at this podium and I told all of you that
01:54the President was going to create tailor-made trade plans for each and every country on this planet
02:00planet. And that's what this administration continues to be focused on. The President
02:03will also sign an executive order today delaying the July 9th deadline to August 1st. So the
02:09reciprocal tariff rate or these new rates that will be provided in this correspondence to these
02:13foreign leaders will be going out the door within the next month or deals will be made. And those
02:19countries continue to negotiate with the United States. We've seen a lot of positive developments in
02:24the right direction. But the administration, the President and his trade team want to cut the best
02:29deals for the American people and the American worker. That's what they're focused on.
02:34Last week, both the Nasdaq and the S&P 500 ended three sessions with record high closes.
02:39The latest record finishes came on Thursday after a robust jobs report.
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