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Business & Economy

Business & Economy

The Big Story

Trump slaps 25 percent tariffs on Japan, South Korea

President Trump announced Monday his administration would impose a 25 percent tariff on imports from South Korea and Japan beginning Aug. 1 as part of a batch of letters going out to foreign countries.

© AP

Trump detailed the expected tariff rates in letters to the leaders of Japan and South Korea, also posting them to Truth Social. The president had previously indicated he would send letters to roughly a dozen countries Monday.

“Please understand this 25% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country,” Trump wrote to both countries.

The president warned that if either nation raised its tariffs in response, the U.S. would increase its tariffs by the same amount.

“As you are aware, there will be no Tariff if Korea, 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 to South Korea’s president.

The president also sent similar letters to the governments of Malaysia, Kazakhstan and South Africa, imposing 30 percent tariffs on their goods, and another to Myanmar laying out a 40 percent tariff.

The Hill's Brett Samuels has more here.

Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

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