US President Donald Trump announced the introduction of 25% tariffs on goods from Japan and South Korea, starting August 1, as he decided to impose unilateral tariffs on countries that have not yet concluded trade agreements with his administration, UNN reports with reference to Bloomberg.
Details
According to media reports, Trump's haste to revise US trade policy has been a constant source of uncertainty for markets, central bank governors, and executives trying to assess the impact on production, inventories, hiring, inflation, and consumer demand — routine planning that is quite complex without such costs as tariffs that are in effect one day and canceled the next.
Ultimately, the Japan and South Korea rates, posted on his Truth Social platform, largely align with what he has already announced these two countries are likely to face. After a 90-day deferral from his so-called reciprocal tariffs, which initially affected Japan at a 24% rate and South Korea at a 25% rate, Trump lowered these tariffs to 10% to allow time for negotiations.
In his letters, Trump warned countries against taking retaliatory measures, stating that any actions would be met with a response from the US.
"If for some reason you decide to raise your tariffs, then any amount by which you raise them will be added to the 25% we charge," Trump said.
Trump said he signed tariff letters to 12 countries05.07.25, 18:26 • [views_2670]
Trump also said that the 25% rates do not include any industry-specific tariffs that the administration has imposed or will separately impose on goods imported into key industries.
White House officials did not say whether additional demand letters would be released on Monday, or whether the president still plans to announce trade agreements with other countries. Treasury Secretary Scott Bessent previously told CNBC that he expects "several announcements within the next 48 hours."
Additionally
The tariffs imposed by Trump will help fill the Treasury's coffers at a time when investors are concerned about the country's growing debt, especially after Congress last week passed a significant portion of the president's economic agenda in a $3.4 trillion tax cut and spending package. Although US stocks reached record highs on Friday, the dollar fell, and long-term borrowing costs remain elevated.
Japan and Korea were the fifth and seventh largest sources of US imports from the US last year — accounting for almost 9% of the total.