Trump announces 25% tariffs on goods from Japan, South Korea
The Trump administration has begun sending letters to more than 90 U.S. trade partners that higher tariffs could kick in by August. Trump's 90-day pause on the April 2 'reciprocal' tariffs was set to end Wednesday.
'We invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far,' Trump wrote to leaders in Japan and South Korea. 'Please understand this 25% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country.'
Trump said both countries had the option of no tariffs should they choose to 'build or manufacture product within the United States.'
'As you are aware, there will be no Tariff if Korea [or Japan], or companies within your Country, decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely – in other words, in a matter of weeks,' Trump wrote.
Trump's initial global reciprocal tariffs unveiled on April 2 ranged from 10% to 49%, including 49% on Cambodia, 25% on South Korea, 24% on Japan, 32% on Taiwan and 26% on India.
The Trump administration's broad 'reciprocal' tariff plan also included a baseline 10% duty rate on almost all goods, as well as 25% tariffs on certain imported vehicles and auto parts.
Trump on Aug. 9 paused the reciprocal tariffs on imports for 90 days, but kept a 10% baseline import tax in place for almost all U.S. trading partners.
Treasury Secretary Scott Bessent said Monday on CNBC's 'Squawk Box' that there could be several trade announcements soon, but did not specify which U.S. trading partners would be involved.
'We are going to have several announcements in the next 48 hours and I think what President Trump is concerned about is the quality of the deals, not the quantity,' Bessent said. 'As you can imagine … when [Trump] said that there's a chance that countries could boomerang back to their April 2 reciprocal tariff levels, we've had a lot of people change their tune in terms of negotiations. My mailbox was full last night with a lot of new offers, a lot of new proposals, so it's going to be a busy couple of days.'
The Trump administration has recently announced trade deals with the United Kingdom, China and Vietnam.
Trump on Sunday also threatened countries which side with the policies of the BRICS alliance that they will be hit with an extra 10% tariff.
BRICS is an international organization aimed at economic cooperation and increasing the global influence of its members. The organization includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
'Any country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% tariff. There will be no exceptions to this policy,' Trump wrote on Truth Social.
Members of BRICS — who are attending a two-day summit in Rio De Janeiro — released a joint statement on Saturday criticizing U.S. tariff policies.
'We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with World Trade Organization rules,' BRICS said in its statement.
The post Trump announces 25% tariffs on goods from Japan, South Korea appeared first on FreightWaves.
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