U.S. President Donald Trump fired off letters to 14 governments outlining fresh import duties that kick in Aug. 1—25 % on Japan, South Korea, Malaysia and Tunisia; 30 % on South Africa and Bosnia; 32 % on Indonesia; 35 % on Bangladesh and Serbia; 36 % on Cambodia and Thailand; and a steep 40 % on Laos and Myanmar. The missives invite further talks but pledge “like-for-like” retaliation against any counter-tariffs, marking the toughest escalation since his April “Liberation Day” salvo.

Canada, already facing separate steel, aluminum and fentanyl-linked duties, was left off Monday’s list as Ottawa and Washington hammer out a broader security-trade pact due July 21. The European Union also dodged immediate hikes, though Brussels remains in tense negotiations. Markets recoiled: the S&P 500 slid nearly 1 %, Toyota and Honda shares dropped more than 3 %, and the dollar surged against both the yen and the won as investors braced for higher prices on cars and consumer goods.

So far only Britain and Vietnam have secured tariff reprieves, leaving most allies racing to broker deals before the new deadline. With tariffs on Chinese goods looming Aug. 12 and threats of extra levies on BRICS exports, analysts warn of renewed supply-chain shocks just as global growth wobbles. Even countries excluded from Monday’s letters could feel the fallout if higher duties ripple through commodity prices and trade flows—Canada included.