
Trump hits Japan, South Korea with 25 per cent tariffs as trade war escalates, markets react, countries await
Mr Trump also announced the US will impose 25 per cent tariffs on Malaysia and Kazakhstan, 30 per cent on South Africa and 40 per cent on Laos and Myanmar.
'If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge,' Mr Trump said in letters to the leaders of South Korea and Japan, which he posted on his Truth Social platform.
The rate for South Korea is the same that Trump initially announced on April 2, while the rate for Japan is one point higher than first announced.
Mr Trump a week later capped all of the so-called reciprocal tariffs at 10 per cent until July 9 to allow for negotiations.
There was no immediate response from the Japanese or South Korean embassies on the announcement.
Only two agreements have so far been reached, with Britain and Vietnam.
US stocks fell in response, the latest market ruction since Mr Trump unleashed a global trade war on his return to office in January.
The S&P 500 on Monday was down nearly 1.0 per cent, its biggest drop in three weeks.
His moves have repeatedly roiled financial markets and sent policymakers scrambling to protect their economies.
US-listed shares of Japanese automotive companies fell, with Toyota Motor down 4.1 per cent in early afternoon trading and Honda Motor off by 3.8 per cent.
US Treasury Secretary Scott Bessent said earlier on Monday he expected to make several trade announcements in the next 48 hours, adding that his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline.
Countries have scrambled to hammer out deals before the Wednesday deadline.
South Korea and Indonesia dispatched representatives to Washington, while Thailand submitted a new trade proposal offering zero tariffs on many US goods.
Mr Bessent did not say which countries could get deals and what they might contain.
Mr Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened.
'We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals,' Mr Bessent said in an interview with CNBC.
The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday.
For its part, the European Union still aims to reach a trade deal by July 9 after European Commission President Ursula von der Leyen and Mr Trump had a 'good exchange,' a Commission spokesperson said.
It was not immediately clear, however, whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the United States' largest trading partner.
Adding to the pressure, Mr Trump threatened to impose a 17 per cent tariff on EU food and agriculture exports, it emerged last week.
The EU has been torn over whether to push for a quick and light trade deal or back its own economic clout in trying to negotiate a better outcome.
It had already dropped hopes for a comprehensive trade agreement before the July deadline.
'We want to reach a deal with the US We want to avoid tariffs,' the spokesperson told reporters at a daily briefing.
'We want to achieve win-win outcomes, not lose-lose outcomes.'
Without a preliminary agreement, broad US tariffs on most imports would rise from their current 10 per cent to the rates set out by Mr Trump on April 2.
In the EU's case, that would be 20 per cent.
Von der Leyen also held talks with the leaders of Germany, France and Italy at the weekend, Germany said.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

The Age
an hour ago
- The Age
Trump taunts Murdoch as he files $15 billion lawsuit over Epstein story
Washington: US President Donald Trump has filed a defamation lawsuit against Rupert Murdoch and The Wall Street Journal, making good on his threat to sue over a story reporting that he signed a letter to Jeffrey Epstein for the disgraced financier's 50th birthday. The lawsuit was filed in a federal court in Miami less than 24 hours after the story was published last week. The filing – which names Murdoch, News Corp, chief executive Robert Thomson and the two reporters as defendants – says Trump is seeking $US10 billion ($15.3 billion) in damages, punitive damages, court costs and other relief. 'This historic legal action is being brought against the so-called authors of this defamation, the now fully disgraced WSJ, as well as its corporate owners and affiliates, with Rupert Murdoch and Robert Thomson (whatever his role is!) at the top of the list,' Trump posted on Truth Social. The Australian-born Thomson is the long-serving chief executive of News Corp, based in New York. He was previously the editor-in-chief of Dow Jones, the News Corp subsidiary that publishes the Journal, and once worked at The Sydney Morning Herald, among other papers. On Thursday (Friday AEST), the Journal reported Trump was among several Epstein associates who contributed a letter to a leather-bound book for the financier's 50th birthday in 2003, organised by Epstein's friend Ghislaine Maxwell. The letter, which took the form of a cryptic, imagined conversation between the two men, was reportedly typed within a drawing of a naked woman, with two small arcs depicting her breasts. The exchange concluded: 'Happy Birthday – and may every day be another wonderful secret.' Loading Trump denied writing the letter and claimed to have never drawn a picture in his life, though evidence quickly emerged disproving that claim. The Journal reported that Trump's signature appeared below the woman's waist, 'mimicking pubic hair'. The complaint filed in court alleged the defendants failed to attach the letter and drawing, failed to prove that Trump authored or signed such a letter, and failed to explain how the purported letter was obtained. In its story, the Journal did not claim to possess the documents, but said it had 'reviewed' the letter.


The Advertiser
2 hours ago
- The Advertiser
Congo, rebel group step closer to permanent ceasefire
The Democratic Republic of Congo and the M23 rebel group have set a deadline to sign a peace agreement at a ceremony in Doha - a sign of progress as outstanding details are negotiated. Representatives of both sides signed a declaration of principles on Saturday, a copy of which was obtained by Reuters, agreeing to an August 18 deadline. The ceremony followed months of Qatari mediation since talks began in April. The United States, which has hosted separate talks between the governments of Congo and Rwanda, has exerted pressure to finalise a durable peace deal in Congo. President Donald Trump has made clear he hopes that will spur Western investment in a country rich in tantalum, gold, cobalt, copper, lithium and other minerals. The Rwandan and Congolese foreign ministers signed a peace deal in June and met with US President Donald Trump at the White House. Trump had invited Congolese President Felix Tshisekedi and Rwandan President Paul Kagame to Washington at the time to sign a package of agreements, potentially including economic deals. The rebel group M23 has controlled eastern Congo's largest city, Goma, since late January - the latest in a series of uprisings - and made gains across North Kivu and South Kivu provinces. Rwanda has long denied allegations it has helped M23, which has seized more territory in Congo than it ever previously held. The fighting has killed thousands and displaced hundreds of thousands more this year, while escalating the risk of a full-scale regional war. Several of Congo's neighbours had troops deployed in eastern Congo when the advance began. Qatar's Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi told reporters Saturday's declaration "lays the groundwork for a new phase of partnership among the various components of society in the Democratic Republic of the Congo - including armed movements that have chosen to prioritise the greater national interest". The declaration was brought about by talks that followed a surprise meeting between Congolese leader Tshisekedi and his Rwandan counterpart Kagame, brokered by Qatar in March, during which they called for an "immediate and unconditional" ceasefire. Congo had previously rejected the idea of holding talks with M23, branding it a terrorist group. While denying it has supported M23, Rwanda has said its forces have acted in self-defence against Congo's army and ethnic Hutu militiamen linked to the 1994 Rwandan genocide. Sources in both delegations have expressed frustration with the pace of negotiations in Doha and the lack of progress on confidence-building measures including the release of M23 members held by Congo and the re-opening of banks in rebel-held territory. The declaration of principles does not resolve those issues, instead committing the parties to "creating the necessary conditions" to eventually do so. It also does not address bigger questions concerning the possible Rwandan and M23 withdrawals from eastern Congo. It says Congo and M23 agree that state authority should be restored "on all national territories" as part of an eventual peace agreement but does not elaborate. The declaration "takes into account the red lines we have always defended, including the non-negotiable withdrawal" of M23, Congo government spokesman Patrick Muyaya said in a post on X on Saturday. Negotiations for a peace agreement are to start no later than August 8, according to the declaration, which would give the parties less than two weeks to finalise a deal if they stick to their new August 18 deadline. "We are confident and we are hopeful," Massad Boulos, Trump's senior adviser for Africa, told Reuters after Saturday's ceremony in Doha, adding Tshiskedi and Kagame "have both committed to resolving this". The Democratic Republic of Congo and the M23 rebel group have set a deadline to sign a peace agreement at a ceremony in Doha - a sign of progress as outstanding details are negotiated. Representatives of both sides signed a declaration of principles on Saturday, a copy of which was obtained by Reuters, agreeing to an August 18 deadline. The ceremony followed months of Qatari mediation since talks began in April. The United States, which has hosted separate talks between the governments of Congo and Rwanda, has exerted pressure to finalise a durable peace deal in Congo. President Donald Trump has made clear he hopes that will spur Western investment in a country rich in tantalum, gold, cobalt, copper, lithium and other minerals. The Rwandan and Congolese foreign ministers signed a peace deal in June and met with US President Donald Trump at the White House. Trump had invited Congolese President Felix Tshisekedi and Rwandan President Paul Kagame to Washington at the time to sign a package of agreements, potentially including economic deals. The rebel group M23 has controlled eastern Congo's largest city, Goma, since late January - the latest in a series of uprisings - and made gains across North Kivu and South Kivu provinces. Rwanda has long denied allegations it has helped M23, which has seized more territory in Congo than it ever previously held. The fighting has killed thousands and displaced hundreds of thousands more this year, while escalating the risk of a full-scale regional war. Several of Congo's neighbours had troops deployed in eastern Congo when the advance began. Qatar's Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi told reporters Saturday's declaration "lays the groundwork for a new phase of partnership among the various components of society in the Democratic Republic of the Congo - including armed movements that have chosen to prioritise the greater national interest". The declaration was brought about by talks that followed a surprise meeting between Congolese leader Tshisekedi and his Rwandan counterpart Kagame, brokered by Qatar in March, during which they called for an "immediate and unconditional" ceasefire. Congo had previously rejected the idea of holding talks with M23, branding it a terrorist group. While denying it has supported M23, Rwanda has said its forces have acted in self-defence against Congo's army and ethnic Hutu militiamen linked to the 1994 Rwandan genocide. Sources in both delegations have expressed frustration with the pace of negotiations in Doha and the lack of progress on confidence-building measures including the release of M23 members held by Congo and the re-opening of banks in rebel-held territory. The declaration of principles does not resolve those issues, instead committing the parties to "creating the necessary conditions" to eventually do so. It also does not address bigger questions concerning the possible Rwandan and M23 withdrawals from eastern Congo. It says Congo and M23 agree that state authority should be restored "on all national territories" as part of an eventual peace agreement but does not elaborate. The declaration "takes into account the red lines we have always defended, including the non-negotiable withdrawal" of M23, Congo government spokesman Patrick Muyaya said in a post on X on Saturday. Negotiations for a peace agreement are to start no later than August 8, according to the declaration, which would give the parties less than two weeks to finalise a deal if they stick to their new August 18 deadline. "We are confident and we are hopeful," Massad Boulos, Trump's senior adviser for Africa, told Reuters after Saturday's ceremony in Doha, adding Tshiskedi and Kagame "have both committed to resolving this". The Democratic Republic of Congo and the M23 rebel group have set a deadline to sign a peace agreement at a ceremony in Doha - a sign of progress as outstanding details are negotiated. Representatives of both sides signed a declaration of principles on Saturday, a copy of which was obtained by Reuters, agreeing to an August 18 deadline. The ceremony followed months of Qatari mediation since talks began in April. The United States, which has hosted separate talks between the governments of Congo and Rwanda, has exerted pressure to finalise a durable peace deal in Congo. President Donald Trump has made clear he hopes that will spur Western investment in a country rich in tantalum, gold, cobalt, copper, lithium and other minerals. The Rwandan and Congolese foreign ministers signed a peace deal in June and met with US President Donald Trump at the White House. Trump had invited Congolese President Felix Tshisekedi and Rwandan President Paul Kagame to Washington at the time to sign a package of agreements, potentially including economic deals. The rebel group M23 has controlled eastern Congo's largest city, Goma, since late January - the latest in a series of uprisings - and made gains across North Kivu and South Kivu provinces. Rwanda has long denied allegations it has helped M23, which has seized more territory in Congo than it ever previously held. The fighting has killed thousands and displaced hundreds of thousands more this year, while escalating the risk of a full-scale regional war. Several of Congo's neighbours had troops deployed in eastern Congo when the advance began. Qatar's Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi told reporters Saturday's declaration "lays the groundwork for a new phase of partnership among the various components of society in the Democratic Republic of the Congo - including armed movements that have chosen to prioritise the greater national interest". The declaration was brought about by talks that followed a surprise meeting between Congolese leader Tshisekedi and his Rwandan counterpart Kagame, brokered by Qatar in March, during which they called for an "immediate and unconditional" ceasefire. Congo had previously rejected the idea of holding talks with M23, branding it a terrorist group. While denying it has supported M23, Rwanda has said its forces have acted in self-defence against Congo's army and ethnic Hutu militiamen linked to the 1994 Rwandan genocide. Sources in both delegations have expressed frustration with the pace of negotiations in Doha and the lack of progress on confidence-building measures including the release of M23 members held by Congo and the re-opening of banks in rebel-held territory. The declaration of principles does not resolve those issues, instead committing the parties to "creating the necessary conditions" to eventually do so. It also does not address bigger questions concerning the possible Rwandan and M23 withdrawals from eastern Congo. It says Congo and M23 agree that state authority should be restored "on all national territories" as part of an eventual peace agreement but does not elaborate. The declaration "takes into account the red lines we have always defended, including the non-negotiable withdrawal" of M23, Congo government spokesman Patrick Muyaya said in a post on X on Saturday. Negotiations for a peace agreement are to start no later than August 8, according to the declaration, which would give the parties less than two weeks to finalise a deal if they stick to their new August 18 deadline. "We are confident and we are hopeful," Massad Boulos, Trump's senior adviser for Africa, told Reuters after Saturday's ceremony in Doha, adding Tshiskedi and Kagame "have both committed to resolving this". The Democratic Republic of Congo and the M23 rebel group have set a deadline to sign a peace agreement at a ceremony in Doha - a sign of progress as outstanding details are negotiated. Representatives of both sides signed a declaration of principles on Saturday, a copy of which was obtained by Reuters, agreeing to an August 18 deadline. The ceremony followed months of Qatari mediation since talks began in April. The United States, which has hosted separate talks between the governments of Congo and Rwanda, has exerted pressure to finalise a durable peace deal in Congo. President Donald Trump has made clear he hopes that will spur Western investment in a country rich in tantalum, gold, cobalt, copper, lithium and other minerals. The Rwandan and Congolese foreign ministers signed a peace deal in June and met with US President Donald Trump at the White House. Trump had invited Congolese President Felix Tshisekedi and Rwandan President Paul Kagame to Washington at the time to sign a package of agreements, potentially including economic deals. The rebel group M23 has controlled eastern Congo's largest city, Goma, since late January - the latest in a series of uprisings - and made gains across North Kivu and South Kivu provinces. Rwanda has long denied allegations it has helped M23, which has seized more territory in Congo than it ever previously held. The fighting has killed thousands and displaced hundreds of thousands more this year, while escalating the risk of a full-scale regional war. Several of Congo's neighbours had troops deployed in eastern Congo when the advance began. Qatar's Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi told reporters Saturday's declaration "lays the groundwork for a new phase of partnership among the various components of society in the Democratic Republic of the Congo - including armed movements that have chosen to prioritise the greater national interest". The declaration was brought about by talks that followed a surprise meeting between Congolese leader Tshisekedi and his Rwandan counterpart Kagame, brokered by Qatar in March, during which they called for an "immediate and unconditional" ceasefire. Congo had previously rejected the idea of holding talks with M23, branding it a terrorist group. While denying it has supported M23, Rwanda has said its forces have acted in self-defence against Congo's army and ethnic Hutu militiamen linked to the 1994 Rwandan genocide. Sources in both delegations have expressed frustration with the pace of negotiations in Doha and the lack of progress on confidence-building measures including the release of M23 members held by Congo and the re-opening of banks in rebel-held territory. The declaration of principles does not resolve those issues, instead committing the parties to "creating the necessary conditions" to eventually do so. It also does not address bigger questions concerning the possible Rwandan and M23 withdrawals from eastern Congo. It says Congo and M23 agree that state authority should be restored "on all national territories" as part of an eventual peace agreement but does not elaborate. The declaration "takes into account the red lines we have always defended, including the non-negotiable withdrawal" of M23, Congo government spokesman Patrick Muyaya said in a post on X on Saturday. Negotiations for a peace agreement are to start no later than August 8, according to the declaration, which would give the parties less than two weeks to finalise a deal if they stick to their new August 18 deadline. "We are confident and we are hopeful," Massad Boulos, Trump's senior adviser for Africa, told Reuters after Saturday's ceremony in Doha, adding Tshiskedi and Kagame "have both committed to resolving this".


Perth Now
5 hours ago
- Perth Now
Congo, rebel group step closer to permanent ceasefire
The Democratic Republic of Congo and the M23 rebel group have set a deadline to sign a peace agreement at a ceremony in Doha - a sign of progress as outstanding details are negotiated. Representatives of both sides signed a declaration of principles on Saturday, a copy of which was obtained by Reuters, agreeing to an August 18 deadline. The ceremony followed months of Qatari mediation since talks began in April. The United States, which has hosted separate talks between the governments of Congo and Rwanda, has exerted pressure to finalise a durable peace deal in Congo. President Donald Trump has made clear he hopes that will spur Western investment in a country rich in tantalum, gold, cobalt, copper, lithium and other minerals. The Rwandan and Congolese foreign ministers signed a peace deal in June and met with US President Donald Trump at the White House. Trump had invited Congolese President Felix Tshisekedi and Rwandan President Paul Kagame to Washington at the time to sign a package of agreements, potentially including economic deals. The rebel group M23 has controlled eastern Congo's largest city, Goma, since late January - the latest in a series of uprisings - and made gains across North Kivu and South Kivu provinces. Rwanda has long denied allegations it has helped M23, which has seized more territory in Congo than it ever previously held. The fighting has killed thousands and displaced hundreds of thousands more this year, while escalating the risk of a full-scale regional war. Several of Congo's neighbours had troops deployed in eastern Congo when the advance began. Qatar's Minister of State for Foreign Affairs Mohammed bin Abdulaziz Al-Khulaifi told reporters Saturday's declaration "lays the groundwork for a new phase of partnership among the various components of society in the Democratic Republic of the Congo - including armed movements that have chosen to prioritise the greater national interest". The declaration was brought about by talks that followed a surprise meeting between Congolese leader Tshisekedi and his Rwandan counterpart Kagame, brokered by Qatar in March, during which they called for an "immediate and unconditional" ceasefire. Congo had previously rejected the idea of holding talks with M23, branding it a terrorist group. While denying it has supported M23, Rwanda has said its forces have acted in self-defence against Congo's army and ethnic Hutu militiamen linked to the 1994 Rwandan genocide. Sources in both delegations have expressed frustration with the pace of negotiations in Doha and the lack of progress on confidence-building measures including the release of M23 members held by Congo and the re-opening of banks in rebel-held territory. The declaration of principles does not resolve those issues, instead committing the parties to "creating the necessary conditions" to eventually do so. It also does not address bigger questions concerning the possible Rwandan and M23 withdrawals from eastern Congo. It says Congo and M23 agree that state authority should be restored "on all national territories" as part of an eventual peace agreement but does not elaborate. The declaration "takes into account the red lines we have always defended, including the non-negotiable withdrawal" of M23, Congo government spokesman Patrick Muyaya said in a post on X on Saturday. Negotiations for a peace agreement are to start no later than August 8, according to the declaration, which would give the parties less than two weeks to finalise a deal if they stick to their new August 18 deadline. "We are confident and we are hopeful," Massad Boulos, Trump's senior adviser for Africa, told Reuters after Saturday's ceremony in Doha, adding Tshiskedi and Kagame "have both committed to resolving this".