On Monday, President\u00a0Donald Trump announced the U.S. will impose 25% tariffs on goods imported from Japan and South Korea.<\/p>\n\n\n\n
Trump shared letters addressed to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung in posts on Truth Social.<\/p>\n\n\n\n
The new levies will take effect on Aug. 1. If either Japan or South Korea raise tariffs in retaliation, Trump said in his letters that the U.S. tariffs will increase by an equal amount.<\/p>\n\n\n\n
Trump’s letters said it is a “Great Honor to send you this letter in that it demonstrates the strength and commitment of our Trading Relationship,” and that the U.S. has agreed to continue to work with Japan and South Korea “despite having a significant Trade Deficit” with each country.<\/p>\n\n\n\n
\n“Nevertheless, we have decided to move forward with you, but only with more balanced, and fair, TRADE. Therefore, we invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far,” Trump wrote.<\/p>\n<\/blockquote>\n\n\n\n