Trump Unveils 25% Tariffs on Japan, South Korea Imports
President Donald Trump announced through open letters on Truth Social that the United States will impose 25% tariffs on Japanese and South Korean imports starting August 1 as part of his trade campaign before the July 9 deal deadline. Trump made the announcement through open letters on Truth Social which stated that additional tariffs would be imposed if retaliatory measures were taken.
The South Korean tariff rate matches the original 25% level announced in April and the Japanese tariff rate exceeds it by one percentage point. Trump established the "reciprocal tariffs" at 10% to create space for future negotiations. The UK and Vietnam stand as the only countries that have secured agreements to prevent higher duties from taking effect.
Markets reacted swiftly. The stock prices of Toyota and Honda experienced declines of 4.1% and 3.8% respectively while the entire market sector experienced a decline. Treasury Secretary Scott Bessent indicated that additional trade announcements were forthcoming because many countries were sending his office urgent proposals.
The European Union continues to work on a deal before the deadline yet there is no official confirmation of progress. Trading partners and investors remain on high alert for additional trade shocks because Trump's unpredictable behavior has not subsided and he plans to send letters to more countries. The BRICS bloc rejected economic coercion after Trump indicated he would impose additional tariffs on member states that oppose U.S. interests.
Dominic Maley is an American journalist recognized for his sharp and insightful reporting on social and political issues. His work is known for its depth, integrity, and the ability to highlight critical societal concerns.