Trump to impose 25% tariff on Japan and South Korea imports

Trump to impose 25% tariff on Japan and South Korea imports

Yeah, well, this will be a 25% tariff on goods imported from South Korea and Japan that are set to go into effect on August 1st, but from now until then, anything could change if a deal is reached. Products from Japan and South Korea could see changes that impact what we pay if costs are passed on to consumers. That’s if these tariffs go into effect in less than a month. I spoke with Hisham Fouad, an economics professor at San Diego State University, about what kind of shift we might notice if no deal is made before August 1. Look at what we are importing from those countries and, and we’re not, you know, I think your food prices are going to be fine, right? So ramen prices are not going to go up too much. That said, you know, we import a lot of electronics, a lot of machinery, computers, automobiles, a lot of high technology goods from Japan and South Korea, and so I think that’s where we’re going to see some increase in prices. The Associated Press reports South Korea’s Trade Ministry and Japan’s Prime Minister have both indicated plans to pursue negotiations with the United States before the August 1st deadline. says if these tariffs go into effect, we should expect to see higher prices. Emmy Douglas visited Japan and Korea just last month. She knows about these potential tariffs kicking in, so she took advantage of Amazon Prime deals stocking up on kitchen supplies. Japan made knives. Really good — well made
— and while Emmy is not happy about the potential changes that these tariffs may bring, I’m not happy about it, but I kinda understand what the president is also doing. It’s for Americans as well, you know, for the jobs and stuff, so. I’m not either or. Meanwhile, the Trump administration says it’s focused on tailor-made trade deals for each country, — but
— the administration, the president, and his trade team want to cut the best deals for the American people and the American worker. That’s what they’re focused on. And of course we’re gonna continue tracking the latest developments as like you we’ve mentioned there, we have until August 1st, anything could change if a deal is reached. For now, I’ll send things back to you.

President Trump will impose a 25% tariff on imports from Japan and South Korea starting August 1.