President Trump posted two nearly identical letters addressed to the leaders of Japan and South Korea outlining new tariff rates on Monday.
In the letters, Trump said he will place a 25% tariff on imports from the two countries beginning Aug. 1. Any goods that are transshipped through those countries to evade higher tariffs will face the higher duties based on the country of origin.
Japan faced a 24% tariff rate in April before the tariff pause, while South Korea had a 25% tariff rate applied to its goods. Trump claimed «longterm, and very persistent» trade deficits were the basis for reordering the trade relationships.
«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,» Trump wrote in the letter to Japan posted to his Truth Social account.
Trump also threatened that if either country raises its tariffs on US goods, the US will retaliate by raising tariffs by the same amount.
More letters are expected to come today. Read more here.
