PRESIDENT Donald Trump said the US would impose a 25 per cent tariff on imports from Japan and South Korea beginning August 1 as he unveiled the first two of 12 letters to trading partners outlining the new levies, Reuters reports.
"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," President Trump said in letters to the leaders of the two Asian countries.Later, he 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.
The rate for South Korea is the same as Trump initially announced on April 2, while the rate for Japan is 1 point higher than first announced. A week later, he capped all of the so-called reciprocal tariffs at 10 per cent until July 9 to allow for negotiations. Only two agreements have so far been reached, with Britain and Vietnam.