Trump imposes 25% tariffs on Japan, South Korea amid escalating trade war
U.S. President Donald Trump has announced a new wave of tariffs, imposing a 25% levy on imports from key allies Japan and South Korea starting August 1, intensifying the trade war that has rocked global markets since April.
The move, outlined in formal letters released on Trump's Truth Social platform, extends the negotiating deadline to August 1, offering countries a final window to reach trade deals with Washington. Trump warned that any retaliatory tariffs would trigger an equivalent U.S. response, News.Az reports, citing Reuters.
The announcement rattled U.S. markets, with the S&P 500 falling 0.8%, although Asian markets remained largely stable. Japan’s Nikkei and South Korea’s KOSPI rebounded slightly, signaling cautious optimism for upcoming talks.
In addition to Japan and South Korea, Trump introduced steep tariffs on several other nations, including 30% on imports from South Africa and Bosnia and Herzegovina, and up to 40% on goods from Laos and Myanmar. A deal with India is reportedly close.
Leaders in affected countries, including Japanese Prime Minister Shigeru Ishiba and South Korean officials, expressed hope for a resolution before the deadline. Meanwhile, businesses in heavily impacted sectors, such as Bangladesh’s garment industry, warned of severe economic fallout.
Trump has also threatened BRICS nations with further tariffs if they pursue "anti-American" policies, while continuing to pressure China and the EU for broader trade concessions.
As the August deadline looms, global markets brace for a volatile month of negotiations.
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