US President Donald Trump imposed new tariffs to punish or favor major trading partners Wednesday, as governments raced to strike deals with Washington less than 24 hours before an August 1 deadline.

South Korea squeezed in at the last moment, securing agreement on a 15 percent tariff for exports to the United States -- significantly below the 25 percent that Trump had earlier threatened to introduce.

But Trump also announced crippling 50 percent tariffs on Brazil and a 25 percent levy on Indian exports, while warning Canada it would face trade repercussions for planning to recognize a Palestinian state.

The 15 percent rate on Seoul -- Washington's key security ally -- was equivalent to levies determined from US trade deals with Japan and the European Union.

An additional unspecified "large sum of money" will be invested by South Korea in the United States, the American leader said.

Seoul's presidential office said tariffs on automobiles -- one of Seoul's key exports -- would also stay at 15 percent.

Trump hit Brazil with high tariffs as well as sanctions against the judge overseeing a trial of his far-right ally Jair Bolsonaro, who is accused of attempting a coup in Latin........

© International Business Times