Trump hits Japan, South Korea with 25 per cent tariffs as trade war escalates, markets react, countries await
Mr Trump also announced the US will impose 25 per cent tariffs on Malaysia and Kazakhstan, 30 per cent on South Africa and 40 per cent on Laos and Myanmar.
'If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge,' Mr Trump said in letters to the leaders of South Korea and Japan, which he posted on his Truth Social platform.
The rate for South Korea is the same that Trump initially announced on April 2, while the rate for Japan is one point higher than first announced.
Mr Trump a week later capped all of the so-called reciprocal tariffs at 10 per cent until July 9 to allow for negotiations.
There was no immediate response from the Japanese or South Korean embassies on the announcement.
Only two agreements have so far been reached, with Britain and Vietnam.
US stocks fell in response, the latest market ruction since Mr Trump unleashed a global trade war on his return to office in January.
The S&P 500 on Monday was down nearly 1.0 per cent, its biggest drop in three weeks.
His moves have repeatedly roiled financial markets and sent policymakers scrambling to protect their economies.
US-listed shares of Japanese automotive companies fell, with Toyota Motor down 4.1 per cent in early afternoon trading and Honda Motor off by 3.8 per cent.
US Treasury Secretary Scott Bessent said earlier on Monday he expected to make several trade announcements in the next 48 hours, adding that his inbox was full of last-ditch offers from countries to clinch a tariff deal before a July 9 deadline.
Countries have scrambled to hammer out deals before the Wednesday deadline.
South Korea and Indonesia dispatched representatives to Washington, while Thailand submitted a new trade proposal offering zero tariffs on many US goods.
Mr Bessent did not say which countries could get deals and what they might contain.
Mr Trump has kept much of the world guessing on the outcome of months of talks with countries hoping to avoid the hefty tariff hikes he has threatened.
'We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals,' Mr Bessent said in an interview with CNBC.
The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday.
For its part, the European Union still aims to reach a trade deal by July 9 after European Commission President Ursula von der Leyen and Mr Trump had a 'good exchange,' a Commission spokesperson said.
It was not immediately clear, however, whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the United States' largest trading partner.
Adding to the pressure, Mr Trump threatened to impose a 17 per cent tariff on EU food and agriculture exports, it emerged last week.
The EU has been torn over whether to push for a quick and light trade deal or back its own economic clout in trying to negotiate a better outcome.
It had already dropped hopes for a comprehensive trade agreement before the July deadline.
'We want to reach a deal with the US We want to avoid tariffs,' the spokesperson told reporters at a daily briefing.
'We want to achieve win-win outcomes, not lose-lose outcomes.'
Without a preliminary agreement, broad US tariffs on most imports would rise from their current 10 per cent to the rates set out by Mr Trump on April 2.
In the EU's case, that would be 20 per cent.
Von der Leyen also held talks with the leaders of Germany, France and Italy at the weekend, Germany said.
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The Pope, meeting the Ukrainian leader for the second time in his two-month-old papacy, also discussed "the urgent need for a just and lasting peace," the Vatican said in a statement. Zelenskiy and Leo held talks in Castel Gandolfo, a small Italian hill town not far from Rome, where the Pope is having a two-week holiday. Zelenskiy said on X that holding talks with Russia in the Vatican would be "entirely possible, with the goal of stopping Russian aggression and achieving a stable, lasting, and genuine peace". But he said Russia had rejected such proposals, "as it has turned down all other peace initiatives". Russian officials have told Reuters in the past that they did not see the Vatican as a serious venue for talks because it is surrounded by NATO military alliance member Italy which has supported Ukraine. The Ukrainian leader is in Italy to attend a conference on July 10-11 dedicated to Ukraine's recovery and long-term reconstruction following Russia's invasion. The Vatican did not say how long the meeting between Leo and Zelenskiy lasted. It released video showing Leo, the first US-born pontiff, asking Zelenskiy "How are things going?" in English as they sat in a large room together. Leo, who has made appealing for peace in world conflicts a major theme of his young papacy, previously met Zelenskiy at the Vatican on May 18. The Pope also held a phone call with Russian President Vladimir Putin on June 4, during which the Vatican said Leo had asked Putin to take concrete steps to end Russia's three-year war on Ukraine. US President Donald Trump suggested in May that Leo had offered to host Ukraine-Russia peace talks although the pontiff did not discuss it publicly at the time. Russian forces targeted Ukraine with 728 drones early on Wednesday, Ukrainian authorities said. Ukraine's military downed almost all the drones but some of the six hypersonic missiles launched by Russia had caused unspecified damage, air force spokesman Yurii Ihnat said on Ukrainian television. Officials reported one person killed by drone debris in western Ukraine. Russia's defence ministry said it had struck military airfields. Closer to the battle zone, eight people were reported killed by drones and guided bombs in the Ukrainian-held part of the frontline Donetsk region. Trump said on Tuesday he was considering supporting a bill that would impose steep sanctions on Russia, including 500 per cent tariffs on countries that buy Russian oil, gas, uranium and other exports. When asked by a reporter what action he would take against Putin, Trump said: "I wouldn't tell you. We want to have a little surprise." Pope Leo has told visiting Ukrainian President Volodymyr Zelenskiy that the Vatican is willing to host Russia-Ukraine peace talks. The Pope, meeting the Ukrainian leader for the second time in his two-month-old papacy, also discussed "the urgent need for a just and lasting peace," the Vatican said in a statement. Zelenskiy and Leo held talks in Castel Gandolfo, a small Italian hill town not far from Rome, where the Pope is having a two-week holiday. Zelenskiy said on X that holding talks with Russia in the Vatican would be "entirely possible, with the goal of stopping Russian aggression and achieving a stable, lasting, and genuine peace". But he said Russia had rejected such proposals, "as it has turned down all other peace initiatives". Russian officials have told Reuters in the past that they did not see the Vatican as a serious venue for talks because it is surrounded by NATO military alliance member Italy which has supported Ukraine. The Ukrainian leader is in Italy to attend a conference on July 10-11 dedicated to Ukraine's recovery and long-term reconstruction following Russia's invasion. The Vatican did not say how long the meeting between Leo and Zelenskiy lasted. It released video showing Leo, the first US-born pontiff, asking Zelenskiy "How are things going?" in English as they sat in a large room together. Leo, who has made appealing for peace in world conflicts a major theme of his young papacy, previously met Zelenskiy at the Vatican on May 18. The Pope also held a phone call with Russian President Vladimir Putin on June 4, during which the Vatican said Leo had asked Putin to take concrete steps to end Russia's three-year war on Ukraine. US President Donald Trump suggested in May that Leo had offered to host Ukraine-Russia peace talks although the pontiff did not discuss it publicly at the time. Russian forces targeted Ukraine with 728 drones early on Wednesday, Ukrainian authorities said. Ukraine's military downed almost all the drones but some of the six hypersonic missiles launched by Russia had caused unspecified damage, air force spokesman Yurii Ihnat said on Ukrainian television. Officials reported one person killed by drone debris in western Ukraine. Russia's defence ministry said it had struck military airfields. Closer to the battle zone, eight people were reported killed by drones and guided bombs in the Ukrainian-held part of the frontline Donetsk region. Trump said on Tuesday he was considering supporting a bill that would impose steep sanctions on Russia, including 500 per cent tariffs on countries that buy Russian oil, gas, uranium and other exports. When asked by a reporter what action he would take against Putin, Trump said: "I wouldn't tell you. We want to have a little surprise." Pope Leo has told visiting Ukrainian President Volodymyr Zelenskiy that the Vatican is willing to host Russia-Ukraine peace talks. The Pope, meeting the Ukrainian leader for the second time in his two-month-old papacy, also discussed "the urgent need for a just and lasting peace," the Vatican said in a statement. Zelenskiy and Leo held talks in Castel Gandolfo, a small Italian hill town not far from Rome, where the Pope is having a two-week holiday. Zelenskiy said on X that holding talks with Russia in the Vatican would be "entirely possible, with the goal of stopping Russian aggression and achieving a stable, lasting, and genuine peace". But he said Russia had rejected such proposals, "as it has turned down all other peace initiatives". Russian officials have told Reuters in the past that they did not see the Vatican as a serious venue for talks because it is surrounded by NATO military alliance member Italy which has supported Ukraine. The Ukrainian leader is in Italy to attend a conference on July 10-11 dedicated to Ukraine's recovery and long-term reconstruction following Russia's invasion. The Vatican did not say how long the meeting between Leo and Zelenskiy lasted. It released video showing Leo, the first US-born pontiff, asking Zelenskiy "How are things going?" in English as they sat in a large room together. Leo, who has made appealing for peace in world conflicts a major theme of his young papacy, previously met Zelenskiy at the Vatican on May 18. The Pope also held a phone call with Russian President Vladimir Putin on June 4, during which the Vatican said Leo had asked Putin to take concrete steps to end Russia's three-year war on Ukraine. US President Donald Trump suggested in May that Leo had offered to host Ukraine-Russia peace talks although the pontiff did not discuss it publicly at the time. Russian forces targeted Ukraine with 728 drones early on Wednesday, Ukrainian authorities said. Ukraine's military downed almost all the drones but some of the six hypersonic missiles launched by Russia had caused unspecified damage, air force spokesman Yurii Ihnat said on Ukrainian television. Officials reported one person killed by drone debris in western Ukraine. Russia's defence ministry said it had struck military airfields. Closer to the battle zone, eight people were reported killed by drones and guided bombs in the Ukrainian-held part of the frontline Donetsk region. Trump said on Tuesday he was considering supporting a bill that would impose steep sanctions on Russia, including 500 per cent tariffs on countries that buy Russian oil, gas, uranium and other exports. When asked by a reporter what action he would take against Putin, Trump said: "I wouldn't tell you. We want to have a little surprise."
