Trump administration imposes 25% levies on Japan and South Korea

President Trump connected Monday said 25% tariffs connected goods from South Korea and Japan volition spell into effect connected August 1. 

Mr. Trump posted astir identical letters to the 2 nations' respective leaders connected his Truth Social media level Monday, indicating that the levies volition instrumentality effect connected the archetypal time of August. That's a aboriginal day than July 9, which is erstwhile the president's 90-day intermission connected alleged reciprocal tariffs would person expired. 

Mr. Trump said successful each memo that the missive "demonstrates the spot and committedness of our Trading Relationship," and that "we invitation you to enactment successful the bonzer Economy of the United States."

The 25% levies use to "any and each Japanese products sent into the United States, abstracted from each Sectoral Tariffs," Mr. Trump added successful his missive to Japanese Prime Minister Shigeru Ishiba. 

He besides warned that if either South Korea oregon Japan raises tariffs connected the U.S., the U.S. would reciprocate by adding specified fig to the 25% baseline rate. 

Trade argumentation adept Barry Appleton told CBS MoneyWatch that Monday's announcements "are simply indications that helium is making them wage afloat admittance terms to entree the U.S. market."

"At 25%, it is possible, but challenging, to commercialized with Japan and Korea. This complaint was cautiously acceptable astatine the higher broadside of the spectrum. In essence commercialized with the U.S. present is simply a wage to play proposition for Japan, Korea and apt others to come," helium said. 

Appleton added that the country-specific rates announced Monday bash enactment bode good for different nations looking to onslaught deals with the U.S., including EU countries, Canada, and Switzerland.