President Donald Trump is displayed on a television screen as traders work on the floor of the New York Stock Exchange on April 7, 2025 in New York City. Markets around the world fell dramatically as global leaders, businesses and economies tried to understand and come to terms with Trump's tariff policy. (Photo by Spencer Platt/Getty Images)

President Donald Trump on Monday threatened tariffs from 25% to 40% on all goods from seven countries, including major U.S. trade partners Japan and South Korea.

The tariffs would go into effect Aug. 1, rather than Wednesday, which was the deadline Trump already extended once from an initial April date, Trump wrote in a series of letters to the countries’ leaders that he posted on his social media platform.

Countries that will see 25% tariffs are Japan, South Korea, Malaysia and Kazakhstan, with South Africa subject to a 30% rate and Laos and Myanmar seeing a 40% tariff rate.

The letters are nearly identical and begin by acknowledging the United States faces a trade deficit with the other country.

“Nevertheless, we have decided to move forward with you, but only with more balanced, and fair, TRADE,” Trump wrote in the letters. “We have had years to discuss our Trading Relationship with (your country), and have concluded that we must move away from these longterm, and very persistent, Trade Deficits.”

The economy-wide tariffs would apply above any sector-specific levies, Trump wrote.

The administration would respond to any effort by the other country to place a reciprocal tariff on the U.S. by setting a new tariff rate on that country that equaled whatever rate it set, plus 25%, Trump said.

Letters on the way

White House press secretary Karoline Leavitt said Monday  about 14 countries would receive similar letters.

“These new rates that will be provided in this correspondence to these foreign leaders will be going out the door within the next month, or deals will be made,” Leavitt said. “Those countries continue to negotiate with the United States. We’ve seen a lot of positive developments in the right direction, but the administration, the president and his trade team want to cut the best deals for the American people and the American worker.”

The administration has used tariffs aggressively to reset trade relationships with every partner. The new threats are part of a push to reach trade deals with individual countries.

Trump set a goal of reaching 90 deals within 90 days of his April 2 announcement, but only two — Vietnam and the U.K. — had materialized by that deadline.

Trump will also sign an executive order further extending to Aug. 1 the deadline for tariffs on every country without a one-to-one trade agreement with the U.S., Leavitt said.

Trump shook the global economy when he imposed wide-reaching levies on nearly every country on April 2. The president walked them back just seven days later, announcing a 90-day pause on staggering tariffs that reached nearly 50% on some major U.S. trading partners and, briefly, 125% on Chinese imports.

The U.S. Court of International Trade struck down Trump’s emergency tariffs May 28. The following day, an appeals court temporarily restored the tariffs and as of Monday they remain in place while the court case is being heard.

Shauneen Miranda contributed to this report.

Electric vehicle sales in Australia are shifting fast, and the usual frontrunners are no longer guaranteed a spot at the top. As more buyers look beyond the legacy names, newer players are gaining ground, especially those with sharper price tags and more features for the money.

In 2023 and 2024, the Tesla Model Y was comfortably the best-selling EV in Australia. However, new options from Chinese and Korean brands have led to a massive slump in local sales of the Model Y, so much so that in April, it was only the 8th best-selling EV in the country. Evidently, it’s not just in Europe where Elon Musk’s company is falling out of favor.

Read: Tesla Couldn’t Even Sell Its Model Y Launch Editions As Hundreds Are Sitting Unsold

Storming in as the best-selling EV by far in Australia last month was the BYD Sealion 7, according to a report from Carsguide. It is the latest addition to BYD’s Ocean series of models and undercuts the Model Y on price, starting at AU$54,990 (~$35,400) and topping out at AU$63,990 (~$41,200), compared to the new Tesla that starts at AU$63,400 (~$40,800) and AU$73,400 (~$47,200) for the flagship version. Last month, 734 Sealion 7s were sold across the country.

Next up is the MG 4. While it’s been around for a couple of years now, the electric hatchback remains popular with 363 units sold in April. This positioned it just ahead of the BYD Atto 3, with 355 sold. Kia’s newly-launched EV5 and EV3 have also been well-received by local shoppers, with sales of 342 and 336, respectively. The BYD Seal then shifted 325 units while the new Geely EX5 sold 325 examples.

Then there’s the Tesla Model Y. A total of 280 were sold last month, positioning it slightly ahead of the Tesla Model 3 with 220 sales. Rounding out the top 10 was the BYD Dolphin with 216 examples finding new homes.

Now, before you start thinking recent sales represent the imminent collapse of Tesla, it’s worth noting that throughout April in Australia, Tesla was selling a mix of the outgoing Model Y and the brand new version. As we can see from the official page, Tesla still has a healthy inventory of the old crossover.

Many shoppers are likely holding off on placing an order until the new Model Y lands in earnest, which will happen over the next couple of months. Nevertheless, April’s results will likely have some local Tesla executives a little worried.

BEST SELLING VEHICLES AUSTRALIA

Wider Market Trends

Australia’s total new car sales declined in April. A total of 90,614 new vehicles were sold across the country last month, representing a decline of 6.8% compared to the same month in 2024 and quite a dramatic fall from the 108,606 new cars sold in March.

EV SALES AUSTRALIA