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Donald Trump issues letters, says US will impose 25% tariffs on Japan, South Korea
The latest tariff announcement comes as Trump said he would be posting letters to the leaders of a dozen countries on Monday.
US President Donald Trump on Monday said he would impose a 25 per cent tariff on goods from Japan and South Korea starting on August 1.
The latest tariff announcement comes as Trump said he would be posting letters to the leaders of a dozen countries on Monday.
The US president announced the decision on his social media platform Truth Social, where he posted copies of letters that he sent to the leaders of each country.
Also Read: Trump to reveal tariffs today: Will India get a deal or more levies?
The letters to the South-East Asian countries warned them not to retaliate by increasing their own import taxes or else the US administration would increase import taxes which could adversely affect the auto and electronics sectors of Japan and South Korea.
“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,” Trump said in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung.
India is also likely to get the highly anticipated tariff letter from the US President today. New Delhi and Washington have been locked in detailed negotiations for a bilateral trade agreement.
The deal between the two countries is set to be finalised ahead of the July 9 deadline, after which the 26 per cent tariff on India (16 per cent impending and 10 per cent existing) will kick in.
