Trump announces 25 pc tariffs on S.Korea and Japan, threatens five other nations with 40 pc duties
President Trump posted two nearly identical letters, addressed to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung, on his Truth Social media platform outlining the new tariffs.
A 90-day freeze on country-specific U.S. tariffs on dozens of nations, including Japan and South Korea, is scheduled to expire on July 9.
In his letters to Japanese PM Shigeru Ishiba and South Korean President Lee Jae-myung, President Trump cited unfair trade balances.
"Our relationship, unfortunately, has been far from Reciprocal," the letters read.
Trump added in each letter, "We look forward to working with you as a Trading Partner for many years to come. If you wish to open your heretofore closed Trading Markets to the United States, and eliminate your Tariff, and Non Tariff, Policies and Trade Barriers, we will, perhaps, consider an adjustment to this letter."
President Trump on Monday afternoon also announced separate tariffs on an additional five trade partners. Myanmar and Laos both face a 40% tariff rate; South Africa imports will be subject to 30% duties; and goods from both Malaysia and Kazakhstan will be taxed at 25%, Trump said in letters posted on Truth Social. Those tariffs are scheduled to kick in August 1 as well, CBS News reported.
White House press secretary Karoline Leavitt said during a press briefing Monday that Trump is set to sign an executive order extending the July 9 tariff freeze.
The order delays the deadline to "August 1 so the reciprocal tariff rate, or these new rates that will be provided in this correspondence to these foreign leaders, will be going out the door within the next month," Leavitt said.
Leavitt added that Trump plans to send tariff letters to "approximately 12 other countries" informing them of new U.S. levies on their goods. She did not indicate when the notices will be sent out, but said Trump will post them on Truth Social "so you can enjoy them yourself."
Trump is also expected to announce more deals with U.S. trade partners before the beginning of August, she said.
Trump said in each memo that the letter "demonstrates the strength and commitment of our Trading Relationship," and that "we invite you to participate in the extraordinary Economy of the United States."The 25% levies apply to "any and all Japanese products sent into the United States, separate from all Sectoral Tariffs," Trump added in his letter to Japan's Ishiba.
He also warned that if either South Korea or Japan raises tariffs on the U.S., the Trump administration will reciprocate by adding that figure to the 25% baseline rate. The 25% tariff is in line with the so-called "reciprocal" rates that President Trump said South Korea and Japan would each face when he unveiled country-specific duties on April 2. At the time, the Trump administration said it would impose tariffs of 24% and 25% on imports from Japan and South Korea, respectively.
Meanwhile, Treasury Secretary Scott Bessent claimed the Trump administration would be making "several announcements in the next 48 hours" of trade deals.
Bessent claimed that his inbox has been full of offers after Trump elevated his threats to re-impose reciprocal tariff rates.
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