President Trump sets 25% tariff on Japanese and South Korean products

President Trump sets 25% tariff on Japanese and South Korean products

The White House says President Trump will be sending more letters to world leaders in the coming days outlining new tariffs they could soon be facing. He’s setting a new deadline of August 1 to strike a deal or face the tariffs. ABC’s Perry Russom has more from Washington. President Trump threatening new steep tariffs on the US’s trading partners if no deals are made by the end of the month. If you want to play ball, this is what you have to pay. So as far as I’m concerned, we’re done. Trump sending letters to more than a dozen world leaders so far, both Japan and South Korea. Trading partners now facing 25% tariffs. South Africa would be hit with 30% tariffs. Myanmar and Laos even steeper, 40% tariffs. Trump writing in the letters, the US will perhaps consider an adjustment to this letter. These tariffs may be modified upward or downward, depending on our relationship with your country. The tariffs were supposed to go into effect tomorrow. Trump pushing that deadline back to August 1st. Trump signaling that date could be pushed back again depending on negotiations. No, I would say firm but not 100% firm if they call up and they say. I would like to do something a different way. We’re going to be open to that, but essentially that’s the way it is right now. The off again on again tariffs with non-committal deadlines sending the stock market tumbling yesterday. The Dow dropping more than 400 points. The Nasdaq nearly 200. Markets stabilizing a bit. Morning, mostly unchanged at the open. The administration had promised 90 deals in 90 days. ABC’s Karen Travers pressing the president. What we’ve spoken to everybody. We know it’s all done. It appears President Trump is counting trade letters as trade deals. So far the White House has only announced the framework of a deal with the United Kingdom and a deal with Vietnam. Perry Russom, BBC News, Washington.

The White House says President Donald Trump will be sending more letters to world leaders in the coming days, outlining the new tariffs they will face.

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

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