Trump announces stinging tariffs on US allies in Asia
On Monday, Trump posted near-identical letters on Truth Social to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung, declaring a 'tariff of only 25%' on all imports starting August 1. He said economic ties with Tokyo and Seoul had 'been, unfortunately, far from Reciprocal.'
'We have decided to move forward with you, but only with more balanced, and fair, TRADE,' he wrote. 'We invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far.'
He warned that another 25% could follow if Japan or South Korea raise their own tariffs in response.
Trump also imposed 25% tariffs on goods from Kazakhstan, Malaysia, and Tunisia. Higher rates will apply to imports from South Africa and Bosnia and Herzegovina (30%), Indonesia (32%), Serbia and Bangladesh (35%), Thailand and Cambodia (36%), and Vietnam, Laos, and Myanmar (40%).
Trump has long argued that tariffs fix unfair trade deficits and stop other countries from 'ripping off' the US. Critics say the policy will raise domestic prices and hurt the economy. Democrats and some economists call the new rates poorly designed.
The first round of levies came on April 2 with the so-called 'Liberation Day' package. It included a 10% tariff on all imports and steeper rates for China, Mexico, Canada, and the EU. Some tariffs were paused for 90 days to allow time for talks and avoid a full-scale trade war.
Earlier this month, Trump said more tariffs were coming if deals weren't reached. 'By the ninth they'll be fully covered,' he told reporters Friday. 'They'll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.'
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