President Donald Trump on Monday sent letters to the leaders of Japan and South Korea announcing that each will face a 25 percent tariff on goods exported to the United States.
The letters, which Trump published on his Truth Social account, say that the tariff rates will apply starting August 1. The rate for Japan is slightly higher than the 24 percent announced at Trump’s April 2nd Liberation Day event. South Korea’s is unchanged.
The letters to Japan and South Korea say that the new tariff rates are lower than what would be required to offset the U.S.’s long-running trade deficit. It also promises that there will be no tariffs if production is done by Japanese or South Korean companies in the U.S. The president says his administration will work to get any necessary approvals to move manufacturing into the U.S. “in a matter of weeks.”
The letters also warn that if either country raises tariffs on U.S. goods in response, the U.S. will add the increase to the 25 percent rate.
“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,” Trump wrote.
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