President Donald Trump plans to impose a 25 % tariff on items imported from South Korea and Japan. The levy will go into impact on August 1st, which is when the Trump administration will start implementing sweeping tariffs on a wider swath of nations that fail to succeed in a commerce settlement with the US.
The US was set to start imposing its “Liberation Day” tariffs on nations all over the world on April 2nd, however Trump prolonged the deadline by 90 days, which is arising on July ninth. However now, plainly the deadline will probably be pushed additional, as Trump begins sending out tariff-related letters to a number of nations, beginning with South Korea and Japan.
In a pair of posts on Truth Social, Trump shared practically an identical letters addressed to South Korean President Lee Jae Myung and Japanese Prime Minister Shigeru Ishiba. The letters say that the US will impose a 25 % tariff on “any and all” merchandise imported from each nations beginning August 1st to right a “commerce deficit” with the US.
Throughout an look on CNN’s State of the Union with Dana Bash, Treasury Secretary Scott Bessent mentioned if nations don’t attain a cope with the US by August, tariffs will “boomerang” again to their April 2nd degree. He additionally mentioned August 1st is “not a brand new deadline.” “We’re saying, ‘That is when it’s taking place. If you wish to pace issues up, have at it. If you wish to again to the outdated price, that’s your selection.’”
Trump’s letters state that “there will probably be no tariff” if Japan and South Korea — or the businesses primarily based there — “determine to construct or manufacture product inside the US.” He provides that the US will elevate tariffs if the nations reply with increased charges of their very own.