**President Trump reaffirms his commitment to imposing tariffs on South Korean and Japanese goods, igniting tensions ahead of crucial trade talks.**
**Trump Targets South Korea and Japan with New 25% Tariffs**
**Trump Targets South Korea and Japan with New 25% Tariffs**
**New tariffs are set to take effect starting August 1, as part of ongoing trade negotiations.**
In a bold move announced through social media, President Donald Trump declared that a 25% tariff will be imposed on goods from South Korea and Japan beginning August 1. This decision underscores his administration's commitment to a tougher stance on trade, as he shared letters sent to leaders of both countries signaling his intentions. The White House anticipates dispatching similar letters to additional nations as the 90-day reprieve on certain tariffs comes to an end.
Trump's earlier tariffs, announced in April, proposed a 25% duty on South Korean imports and a 24% tax on Japanese goods, part of a wide-ranging "Liberation Day" initiative imposing heavy levies on a variety of imports from numerous countries. Following significant backlash and volatility in the financial markets, a temporary suspension of some of these tariffs was observed, allowing for possible negotiation. However, the deadline for these negotiations is fast approaching on July 9.
Treasury Secretary Scott Bessent indicated that a flurry of new proposals has been received as negotiators work to prevent escalating tariffs. Trump has previously framed these tariffs as "reciprocal," intended to combat what he perceives as unfair trade practices against U.S. exports. His administration has also targeted key sectors, including steel and automobiles, based on national security concerns, while hinting at further tariffs on pharmaceuticals and lumber.
Despite some bilateral agreements, including those with the UK and Vietnam, and partial negotiations with China that have resulted in raised tariffs, the ongoing trade discussions remain complex. The European Union is also negotiating to maintain a lower, provisional tax on imports while seeking to alleviate upcoming tariffs imposed by the U.S.
In a recent statement, the European Commission's president, Ursula von der Leyen, reported progress in discussions with Trump, contrasting with earlier threats of a steep 50% tariff on the EU. Furthermore, Japan has been warned that it could face tariffs as high as 35% if negotiations do not yield results soon, intensifying the stakes in this latest round of trade negotiations.
Trump's earlier tariffs, announced in April, proposed a 25% duty on South Korean imports and a 24% tax on Japanese goods, part of a wide-ranging "Liberation Day" initiative imposing heavy levies on a variety of imports from numerous countries. Following significant backlash and volatility in the financial markets, a temporary suspension of some of these tariffs was observed, allowing for possible negotiation. However, the deadline for these negotiations is fast approaching on July 9.
Treasury Secretary Scott Bessent indicated that a flurry of new proposals has been received as negotiators work to prevent escalating tariffs. Trump has previously framed these tariffs as "reciprocal," intended to combat what he perceives as unfair trade practices against U.S. exports. His administration has also targeted key sectors, including steel and automobiles, based on national security concerns, while hinting at further tariffs on pharmaceuticals and lumber.
Despite some bilateral agreements, including those with the UK and Vietnam, and partial negotiations with China that have resulted in raised tariffs, the ongoing trade discussions remain complex. The European Union is also negotiating to maintain a lower, provisional tax on imports while seeking to alleviate upcoming tariffs imposed by the U.S.
In a recent statement, the European Commission's president, Ursula von der Leyen, reported progress in discussions with Trump, contrasting with earlier threats of a steep 50% tariff on the EU. Furthermore, Japan has been warned that it could face tariffs as high as 35% if negotiations do not yield results soon, intensifying the stakes in this latest round of trade negotiations.
