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Trump imposes 25% tariff on Japan and South Korea as trade deadline approaches



Trump imposes 25% tariff on Japan and South Korea as trade deadline approaches

MOSQUEDA WAS REPORTED MISSING AN HOUR BEFORE THE SHOOTING, AHEAD OF A LOOMING TRADE DEADLINE THIS WEEK. THE TRUMP ADMINISTRATION IS WARNING COUNTRIES THEY NEED TO MAKE DEALS WITH THE U.S. OR FACE HIGHER TARIFFS. MR. TRUMP TODAY FOLLOWED THAT STATEMENT BY IMPOSING A 25% TAX ON GOODS IMPORTED FROM JAPAN AND SOUTH KOREA. HE ALSO ANNOUNCED NEW RATES ON FIVE OTHER COUNTRIES. THE NEWS CAUSING ALL THREE MAJOR INDS TO DROP AT THE END OF TRADING, WITH THE DOW SLIPPING MORE THAN 400 POINTS. ABC’S PERRY RUSSOM HAS MORE TONIGHT FROM WASHINGTON. AHEAD OF PRESIDENT TRUMP’S WEDNESDAY DEADLINE TO RESUME HIS LIBERATION DAY TARIFFS, TRUMP TODAY SENDING LETTERS TO FOREIGN LEADERS WARNING IF NO DEALS ARE MADE, THEIR TARIFFS WILL GO UP. THERE WILL BE APPROXIMATELY 12 OTHER COUNTRIES THAT WILL RECEIVE NOTIFICATIONS AND LETTERS DIRECTLY FROM THE PRESIDENT OF THE UNITED STATES. TRUMP TODAY POSTING LETTERS ADDRESSED TO THE LEADERS OF JAPAN AND SOUTH KOREA, TWO CRUCIAL TRADING PARTNERS. HE SAYS STARTING AUGUST 1ST, HE WILL CHARGE BOTH COUNTRIES A 25% TARIFF ON ALL PRODUCTS SENT TO THE U.S. TRUMP SAYS THERE WILL BE NO TARIFF IF THE COMPANIES FROM THEIR COUNTRIES BUILD OR MANUFACTURE IN THE U.S, AND IF JAPAN AND SOUTH KOREA DECIDE TO RAISE THEIR TARIFFS, TRUMP SAYS WHATEVER NUMBER IT’S RAISED BY WILL BE ADDED ON TO THE 25%. THE ADMINISTRATION, THE PRESIDENT AND HIS TRADE TEAM WANT TO CUT THE BEST DEALS FOR THE AMERICAN PEOPLE AND THE AMERICAN WORKER. SO FAR, THE WHITE HOUSE HAS ONLY ANNOUNCED THE FRAMEWORK OF A DEAL WITH THE UNITED KINGDOM, AND TRUMP SAYS THERE IS A DEAL IN PLACE WITH VIETNAM. TREASURY SECRETARY SCOTT BESSON SAYS SEVERAL TRADE ANNOUNCEMENTS ARE COMING IN THE NEXT 48 HOURS. BESSON ON CNBC. WE’VE HAD A LOT OF PEOPLE CHANGE THEIR TUNE IN TERMS OF NEGOTIATIONS, SO MY MAILBOX WAS FULL LAST NIGHT WITH A LOT OF NEW OFFERS, A LOT OF NEW PROPOSALS. AMERICAN ALLIES IN EUROPE PREPARING FOR TOUGH NEGOTIATIONS. WHEN THE COMMISSION SITS DOWN WITH THE UNITED STATES TO NEGOTIATE ON TRADE AND TARIFFS. EUROPE MUST SHOW STRENGTH. THE WHITE HOUSE SAYS THOSE 12 TARIFF LETTERS WILL BE SENT TODAY. OTHER COUNTRIES INCLUDE SOUTH AFRICA, MALAYSIA AND LAOS, WITH MORE LETTERS BEING SENT IN THE COMING DAYS. ON CHINA’S SECRETARY, BESSON SAYS NEGOTIATIONS WILL RESUME. THEY’RE GOING TO HAVE ANOTHER MEETING

ABC News’ Perry Russom reports from Washington D.C.

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View 17 Comments

17 Comments

  6. @edg3048 on

    Maybe it will dawn on him at some point that nobody is keen doing trade with an unstable administration. Europe and China will do well at finding new trade partners… The Manchurian candidate is performing waaaay beyond Putin's wildest dreams. Cutting government services, stripping health care and food assistance. And STILL not realizing that it's the American consumer that will pay for these tariffs in the end….which leads to higher cost of living….. Are we great yet?

  8. @jaiiafrica686 on

    Two supposed allies. Being friends with the u.s. really pays doesnt it? 🤣🤭🤭🤭 these countries will learn that kissing the boots of the american government is foolish.