Trump announces 25 per cent tariffs on imports from South Korea, Japan

Wahington, DC [US], July 8 (ANI): US Preident Donald Trump announced on Monday that hi adminitration would impoe a 25 per cent tariff on import from South Korea and Japan, effective Augut 1, The Hill reported.
Trump ha hared detail regarding expected tariff rate in letter to the South Korean Preident and the Japanee Prime Miniter. He hared detail regarding tariff on hi ocial media platform, Truth Social, a well. Previouly, Trump indicated he would end letter to everal nation on Monday.
Pleae undertand thi 25 per cent number i far le than what i needed to eliminate the Trade Deficit diparity we have with your Country, Trump wrote to the two nation, The Hill reported.
Trump warned that if either nation increaed it tariff in repone, the US would raie it tariff by the ame amount.
In a letter to hi South Korean counterpart, Trump wrote, A you are aware, there will be no Tariff if Korea, or companie within your Country, decide to build or manufacture product within the United State and, in fact, we will do everything poible to get approval quickly, profeionally, and routinely - in other word, in a matter of week.
He alo hared detail regarding tariff with Japan PM.
Under the Liberation Day tariff announced on April 2, South Korea wa ubject to a 25 per cent tariff and Japan wa hit with a 24 per cent tariff. So, announcement made on Monday amount to an extenion of the negotiation deadline, which wa cheduled for Wedneday.
Adminitration official have treed that tariff and the new protectionit US trade poture are delivering reult in the negotiating room. However, the extended deadline and raied rate of tariff indicate that thing may not be going a moothly a hoped.
Lat week, Bill Reinch, head of the international buine program at the Center for Strategic and International Studie, aid that he did not believe negotiation were going well.
He aid that negotiator of Japan and South Korea have called for exemption from tariff on teel, aluminium and automobile. He aid South Korean negotiator had demanded exemption from all the tariff and that they had not conceded on thoe point.
So far, the US ha only announced two trade deal, one with the United Kingdom, which received mixed reult from the US indutry. The US ha made another deal with Vietnam, the detail of which are carce, The Hill reported.
Securitie market hit new high after tanking on the new of the tariff announced on April 2, which were larger than many analyt had been expecting and the Federal Reerve were alo urpried by the announcement, a per the report.
Stock witneed a drop on Monday. The Dow Jone Indutrial Average of big US companie witneed a drop of more than 1.2 per cent in early afternoon trading, and the S&P 500 wa down nearly a per cent. (ANI)