Trump Advances Trade Agenda with Tariffs
25% Tariffs on Japan, South Korea Effective August 1
President Trump announced 25% tariffs on Japan and South Korea, effective August 1, to tackle trade deficits, signaling his resolve to protect American economic interests. In letters shared on Truth Social, he criticized policies limiting U.S. goods in their markets.
“Please understand that the 25% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country,” Trump wrote.
He urged both nations to build factories in the U.S., promising swift approvals “in a matter of weeks” to avoid tariffs. Trump warned that retaliatory tariffs would be met with equivalent increases above the 25% rate. The move follows a July 9 deadline, ending a pause on reciprocal tariffs started in April. U.S. stocks fell, with the Dow down 1.2%, S&P 500 0.87%, and Nasdaq 0.9%.
Source: President Trump on Truth Social