Trump says 25% tariffs coming for Japan and South Korea as trade war escalates again
WASHINGTON — President Donald Trump said he's imposing a 25% tariffs on goods from Japan and South Korea beginning on August 1 as the Republican continues his pressure campaign on longtime U.S. allies who have not yet entered into new trade agreements with his administration.
Trump broke the news on July 7 via Truth Social, which is where he posted letters to the leaders of the two Asian economic powerhouses.
Other letters from Trump are expected to focus on smaller U.S. trading partners. As many as 100 could go out in total before July 9, when the president's pause on higher tariff rates is due to expire. The administration previously said the new rates would take effect on August 1, if countries did not come to another arrangement with the United States before that time.
The new date marks a delay by several weeks for the current deadline for the reciprocal tariffs to take effect. Trump unveiled his tariffs in early April, and then paused them after market turmoil. Last week, the president acknowledged his pledge had been proving complicated to cut 90 different deals in 90 days with American's trading partners.
The administration spent much of the time negotiating with large nations and countries with which it has the most substantial trade deficits. The president and his advisers were also focused on pushing the massive tax and spending bill Trump signed into law on July 4 through Congress.
What to know on tariffs: Donald Trump pushes forward on tariffs despite court challenges
Trump initially said he would put higher tariffs on a slew of nations on April 2 but paused them until 12:01 a.m. EDT on July 9 for most countries while his administration sought new trade deals. The so-called 'Liberation Day' tariffs rocked financial markets. They have since recovered, with the S&P 500 and Nasdaq setting new records.
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