Donald Trump Announces Tariffs on South Korea and Japan, Markets React
President Donald Trump has revealed plans to impose a 25% tariff on imports from South Korea and Japan starting August 1st. The announcement was made through a social media post where the Donald Trump shared copies of official letters reportedly sent to the leaders of both nations.
According to the White House, additional notifications will soon be issued to several other countries as the 90-day suspension on certain tariff measures nears its expiration.
The newly revealed letters indicate that Donald Trump is holding firm to his original tariff strategy, with minimal adjustments since the rates were first introduced in April. At that time, Donald Trump proposed a 24% duty on Japanese imports and a 25% charge on goods produced in South Korea.
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These tariffs were initially part of a wider trade initiative referred to as the “Liberation Day” tariffs, which placed levies on products from numerous global trading partners. Following significant backlash and market volatility, the US administration temporarily paused some of these duties to allow for trade negotiations.
President Donald Trump addresses trade policies during a White House briefing
That grace period is scheduled to end on July 9th. Speaking on Monday, US Treasury Secretary Scott Bessent acknowledged an increase in last-minute negotiation efforts.
We’ve seen a lot of stakeholders reconsider their positions. My inbox was flooded last night with fresh proposals and offers,” Bessent said during an interview with a US business network.
