President Trump sets 25% tariffs on Japan and South Korea

President Trump sets 25% tariffs on Japan and South Korea

Well this morning the White House is putting pressure on world leaders to come to the table with trade deals. The White House is sending letters to more than a dozen countries setting a new higher tariff rate, including 25% duties on major trading partners South Korea and Japan, and up to 40% for Laos and Myanmar. The president is describing the letters as a more or less final offer. Look, we’re always subject to negotiate something that’s fair, but we’ve talked to most of the countries and pretty much they’ve had their way for many, many decades, as you know. And it was time that we just wanted fairness. Well, higher rates for trading partners across the world paused for 90 days were set to resume tomorrow, but the new rates are now set to take effect on August 1st.

President Donald Trump on Monday set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other nations that would go into effect on Aug. 1.

Trump provided notice by posting letters on Truth Social that were addressed to the leaders of the various countries. The letters warned them to not retaliate by increasing their own import taxes, or else the Trump administration would further increase tariffs.

MORE: https://www.wthr.com/article/news/nation-world/trump-new-tariffs-japan-south-korea/507-721429f0-5b5f-4aee-ac59-3f00a3f772da