 "Trump slaps 25% tariffs on Japan, South Korea; 12 more leaders to receive tariff letters today")
US President Donald Trump on Monday said he was slapping 25% tariffs on imports from Japan and South Korea, in his first letters to trading partners ahead of a deadline to reach a deal.
In similarly worded letters to the leaders of Japan and South Korea, Trump announced that tariffs would take effect from August 1, citing their trade relationships with the US as “unfortunately, far from reciprocal.”
The letters appear to be the first that administration officials planned to release today outlining new tariffs on major trading partners.
Takin to Truth Social, Trump posted, “We have had years to discuss our Trading Relationship with Japan, and have concluded that we must move away from these longterm, and very persistent, Trade Deficits engendered by Japan’s Tariff, and Non Tariff, Policies and Trade Barriers. Our relationship has been, unfortunately, far from Reciprocal. Starting on August 1, 2025, we will charge Japan a Tariff of only 25% on any and all Japanese products sent into the United States, separate from all Sectoral Tariffs.”
“Goods transshipped to evade a higher Tariff will be subject to that higher Tariff. Please understand that the 25% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country. As you are aware, there will be no Tariff if Japan, or companies within your Country, decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely - In other words, in a matter of weeks,” he added.
Meanwhile, White House press secretary Karoline Leavitt said that in addition to Japan and South Korea, the leaders of 12 more countries will receive letters from President Trump today and he will be sending foreign leaders more letters notifying them of new tariffs in the days to come.
Impact Shorts
More Shorts“There will be additional letters in the coming days”, Leavitt said, in addition to the 12 he plans to send today and the two already made public, which were to South Korea and Japan’s leaders.
As for why Trump decided to start with the two Asian allies, Leavitt said, “It’s the president’s prerogative and those are the countries he chose.”
She added that Trump still planned to “create tailor made trade plans for each and every country on this planet”.
She also confirmed that Trump would formally extend his deadline for the imposition of reciprocal tariffs to 1 August from 9 July, with the intention of giving countries more time to negotiate deals:
“The President will also sign an executive order today, delaying the July 9 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, or deals will be made, and those countries continue to negotiate with the United States. We’ve seen a lot of positive developments in the right direction, but the administration, the president and his trade team, want to cut the best deals for the American people and the American worker. That’s what they’re focused on.” she added.
Earlier today, Trump said he would send the first tariff letters to various countries, days before his deadline for trading partners to reach a deal expires.
He said he would send a first batch of up to 15 letters, warning that the US levies on imports would snap back to the high levels he set in April if countries failed to make agreements.
Treasury secretary Scott Bessent too said early this morning that the United States will make several trade announcements in the next 48 hours.
“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,” Bessent told CNBC.
“So it’s going to be a busy couple of days,” he added.
With inputs from agencies
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