UPDATE - US to impose 25% tariffs on Japan, South Korea: Trump

ADDS MORE REMARKS BY US PRESIDENT, US TREASURY SECRETARY; OTHER EDITS

By Diyar Guldogan

WASHINGTON (AA) – US President Donald Trump on Monday announced that Washington will impose a 25% tariff on goods from Japan and South Korea starting on Aug. 1.

Trump posted letters to Japanese Prime Minister Ishiba Shigeru and South Korean President Lee Jae-myung on social media, saying, “Our relationship has been, unfortunately, far from Reciprocal," likely referring to reciprocal tariffs.

He urged both countries to produce their goods in the US as a way to bypass tariffs.

Trump said that the 25% tariff is "far less than" the level needed to fully address the trade deficit imbalance with their countries.

Trump also warned that tariffs could be raised above 25% if South Korea or Japan respond with their own tariffs on the US.

"If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge," he said.

Trump previously said he would send letters to various countries outlining their specific tariff rates starting Monday, near the Wednesday deadline he had set for trade deals to avoid much higher tariffs from the US.

Treasury Secretary Scott Bessent told financial news outlet CNBC on Monday that the US will make "several" trade announcements in the next 48 hours.

Before high levies on goods from dozens of nations are expected to return on July 9, Bessent said, countries are scrambling to negotiate with the US.

“We’ve had a lot of people change their tune in terms of negotiations,” he said.

“It’s going to be a busy couple of days,” he added.

* Mucahithan Avcioglu contributed to this report from Istanbul