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Washington Post
31 minutes ago
- Washington Post
Trump to put 25% tariffs on Japan and South Korea
WASHINGTON — President Donald Trump on Monday placed a 25% tax on goods imported from Japan and South Korea, citing persistent trade imbalances with the two crucial U.S. allies in Asia. Trump provided notice of the tariffs to begin on Aug. 1 by posting letters on Truth Social that were addressed to the leaders of both countries. The letters warned both countries to not retaliate by increasing their own import taxes, or else the Trump administration would increase import taxes that could damage the auto and electronics sectors of Japan and South Korea, two crucial partners for the U.S. in countering China's influence.

USA Today
32 minutes ago
- USA Today
Trump says 25% tariffs coming for Japan and South Korea as trade war escalates again
President Donald Trump sent out letters to nations that haven't entered into trade agreements with the U.S., informing them of their new tariff rates. 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.


Forbes
35 minutes ago
- Forbes
Trump Tariffs: President Sends First Letters To Japan And South Korea
President Donald Trump shared letters Monday informing governments in Japan and South Korea that he's levying 25% tariffs on their imports to the U.S., the first in an anticipated slew of tariff notices the administration is expected to send out before its self-imposed tariff pause ends Wednesday—though the letter suggests the rates could still change again. This story is breaking and will be updated.