President Trump places 25% tariffs on Japan and South Korea ahead August 1 tariff deadline

President Trump places 25% tariffs on Japan and South Korea ahead August 1 tariff deadline

We’re back at 6:15 on this Monday morning. Thanks for staying with us. The Trump administration is applying what it calls maximum pressure on countries to reach a trade deal. Overnight, the president said that he’s sending letters to dozens of countries rolling out his so-called reciprocal tariffs by August 1st. He’s also set to meet with the Israeli prime minister at the White House. Bradley Blackburn is tracking the latest. President Donald Trump returned to Washington Sunday ahead of a week focused on foreign policy and trade. Before a meeting with Israeli Prime Minister Benjamin Netanyahu Monday, the president said he’s optimistic about reaching an agreement with Hamas to release remaining hostages in Gaza. I think there’s a good chance we have. — Has
— Peace talks with Hamas are resuming in Qatar today that could lead to a 60 day ceasefire in Gaza. The president also promised new deals with dozens of countries on trade. The Trump administration is sending out letters threatening steep tariffs on their goods if they don’t reach a deal with the US. The so-called reciprocal tariffs have been paused since Trump announced the month. A smaller trading partners could become much bigger trading partners, and that’s, I think one of the reasons why countries are racing to set deals up with us ahead of the deadline. The White House has an initial deal in place with a handful of nations including the United Kingdom, China, and Vietnam. Other major trading partners like Japan, India, and the European Union have started talks but not reached a final deal. I think we’ll have most countries by July. — Either a letter or a
— tariffs go into effect August 1, but the president is setting the rates and the deals right now. The president said letters will be delivered at noon today. Now Trump administration officials have suggested they’re focused on securing deals with more than a dozen key trading partners that account for the vast majority of the US trade deficit.

(ASSOCIATED PRESS) 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.

“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% that we charge,” Trump wrote in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung.

The letters were not the final word from Trump on tariffs, so much as another episode in a global economic drama in which he has placed himself at the center. His moves have raised fears that economic growth would slow to a trickle, if not make the U.S. and other nations more vulnerable to a recession. But Trump is confident that tariffs are necessary to bring back domestic manufacturing and fund the tax cuts he signed into law last Friday.

READ MORE: https://www.13wmaz.com/article/news/nation-world/trump-tariffs-japan-south-korea-new-import-taxes/507-eab7897c-714a-4d1d-a82f-25e91295399a