US President Donald Trump has re-imposed 25% import tariffs on Japan and South Korea, both of which are considered key trading partners of the United States. The tariffs will take effect from 1 August, according to a White House letter uploaded by Trump on his social media platform Truth Social. The letters posted were addressed to Japanese Prime Minister Ishiba Shigeru and South Korean President Lee Jae-myung.
Trump has warned that if Japan and South Korea retaliate by raising their own import taxes, his administration would respond by further increasing tariffs.
“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,” the letter read.
India is also likely to receive the highly anticipated tariff letter from the White House soon. New Delhi and Washington have been locked in detailed negotiations for a bilateral trade deal. The aggrement between the two countries is set to be finalised before the July 9 deadline, after which the 26 per cent tariff on India (16 per cent impending and 10 per cent existing) will be effective.
