Trump hits Asian nations with tariffs, including allies Japan, South Korea
Summary
The United States, led by President Donald Trump, plans to implement 25 percent tariffs on imports from Japan and South Korea starting August 1 because trade agreements have not been finalized. Trump has also announced higher tariffs on several other countries while indicating that these tariffs could change if trade policies are adjusted.Key Facts
- President Trump plans to impose 25 percent tariffs on Japan and South Korea starting August 1.
- Currently, Japan and South Korea have a 10 percent tariff with the US.
- The US buys almost twice as much from Japan as it sells to them.
- Trump mentioned that tariffs could be adjusted if Japan and South Korea change their trade practices.
- Tariffs will also increase for Malaysia, Kazakhstan, South Africa, Laos, and Myanmar.
- Trump is considering additional tariffs on BRICS nations, a group including countries like Brazil, Russia, India, China, and South Africa, if they adopt "anti-American" policies.
- The US had hoped to finalize 90 trade deals within 90 days but achieved only two, with Vietnam and the United Kingdom.
- The EU, aiming for a trade agreement by July 9, will not face new tariffs according to unnamed sources.
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