US Edition
Trump announces 25% tariffs on Japan, South Korea in first U.S. trade letters
UNITED STATES, JUL 7 – The tariffs target persistent trade deficits and may increase if Japan or South Korea retaliate, with exemptions for companies manufacturing within the U.S., officials said.
- President Donald Trump announced 25% tariffs on goods from Japan and South Korea, effective August 1, through letters sent to their leaders.
- The tariffs follow earlier announcements and a 90-day delay after April's global tariff impositions aimed at addressing trade imbalances with key partners.
- Trump warned that any tariff increases by Japan or South Korea would be added to the 25% rate and indicated potential for further negotiations.
- The Dow Jones fell over 400 points on the news, while South Korea vowed to accelerate trade talks to avoid tariffs, reflecting market and diplomatic reactions.
- These measures escalate trade tensions, raising concerns about slower economic growth and recession risks in the U.S. and globally amid ongoing negotiations.
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720 Articles
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