In his first letters to trading partners before a deadline to strike an agreement with Washington, US President Donald Trump said Monday that he was imposing 25% tariffs on South Korea and Japan. Trump announced over the weekend that he would begin sending a first round of up to 15 letters to nations on Monday, warning them that he would reinstate the severe taxes he had put on hold in April.
Trump said the duties will take effect on August 1 because their trade relations with Washington were “unfortunately, far from reciprocal” in almost similar letters to the presidents of South Korea and Japan.
Trump threatened to escalate the situation if the two nations, who are important US partners in East Asia, reacted to the new US tariffs. He did, however, add that if South Korea and Japan altered their trade practices, he would prepared to adjust taxes “downwards.
According to Shigeru Ishiba, the prime minister of Japan, he “won’t easily compromise” in trade negotiations with Washington on Sunday. On what he dubbed “Liberation Day” on April 2, Trump first declared broad tariffs on global economies, arguing that the US was being taken advantage of.
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