Japan and South Korea hit goods with 25% levy

The US has announced a new 25% tax on products entering the country from South Korea and Japan, as President Donald Trump has started sharing a batch of letters to leaders of countries around the world, outlining his tariff plans.

Messages come because the 90-day break White House was placed on some of its aggressive tariffs which were determined to end.

Trump, after his initial announcement, suspended high tariffs to allow for business talks with various governments, which had become outrageous and upheaval on the financial markets.

High duties were scheduled to resume on 9 July, but Trump has said that he is now planning to implement them on 1 August.

The latest letters released show that Trump is committed to its initial push for tariffs, with slight changes from the rates declared in April.

The President argues that American businesses starting tariffs will be saved from foreign competition and also to promote domestic manufacturing and jobs.

After issuing a letter of tariffs on Japanese and South Korean imports, the stock slipped on Monday.

Further letters released revealed plans for 40% tariffs on goods from Myanmar and Laos, which is 30% tariff on goods from South Africa and 25% tariff on goods from Malaysia.

Those rates are the tariffs similar to Trump’s unveiled Trump in April, when he announced his “liberation day”, which implemented new taxes on goods from different countries.

For example, at that time, he said that he wanted to hit goods from Japan with duties of 24% and charged 25% on products made in South Korea.

White House press secretary Karolin Levitt said that the Trump administration on Monday planned to send letters to about 12 other countries and shared notes on social media, and follow more letters.

He disputed the suggestion that the deadline for shifting tariffs from 9 July to 1 August could reduce the power of Trump’s dangers.

“President’s phone, I can tell you, the world leaders all the time closes the hook who is begging for him to come on a deal,” he said.

When Trump first announced the tariff in April, the President replaced 10% levy, the President quickly suspended some highest import taxes for negotiations.

Treasury Secretary Scott Besent said he expected a “busy couple of days”.

He said, “We have changed our tune in many people in terms of conversation. So my Melbox was filled with a lot of new proposals, a lot of new proposals last night,” he told us to business broadcaster CNBC.

Trump initially described his April tariff as “mutual”, claiming that he needed to fight back against the trade rules of other countries that he saw unfair to American exports.

He has announced tariffs for different major areas, such as steel and cars, citing national security concerns, and promoted levy on other items, such as pharmaceuticals and wood.

Multi -level policies have complex trade talks, with a car tariff in interaction with Japan and South Korea.

So far, the US has also made a partial deal with China with agreements with the UK and Vietnam. In all three cases, agreements have increased tariffs compared to levels before Trump returns to the White House, while Major issues are unresolved,

The European Union (EU) is also allegedly in talks that will keep an provisional 10% tax for most of the goods sent beyond the deadline to the US.

But it is also looking at Trump’s 25% tariffs on cars and parts and 50% tax on steel and aluminum.

A spokesman said that the European Commission President Ursula von Der Leyen had a “good exchange” with Trump. A few weeks ago, the US President threatened the European Union with 50% tax until it reached an agreement.

Last week, Trump said Japan may face “30% or 35%” tariffs if the country failed to reach a deal with the US by Wednesday.