Trump says he will put 25% tariffs on Japan and South Korea
President Donald Trump says his administration told Japan and South Korea Monday about new tariff rates that could kick in on Aug. 1.
Trump's top trade advisers say they are putting maximum pressure on other countries to make trade deals with the U.S. before Wednesday, when a 90-day pause on Trump's "reciprocal tariffs" is set to expire. Trump's steep levies on dozens of countries were announced on April 2 but were suspended soon after.
In a social media post Sunday, Trump said, "I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th."
“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 in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung.
When asked what will happen Wednesday, Treasury Secretary Scott Bessent told CNN, "We will see. I'm not going to give away the playbook because we're going to be very busy over the next 72 hours."
"President Trump is going to be sending letters to some of our trading partners, saying that, if you don't move things along, then, on Aug. 1, you will boomerang back to your April 2 tariff level. So I think we're going to see a lot of deals very quickly," Bessent added.
Bessent denied suggestions that the administration is setting a new deadline.
So far, the administration has announced preliminary deals or frameworks with three of the dozens of nations that could soon be hit by steeper import taxes. They include Vietnam, Britain and China.
In a separate warning Sunday, Trump vowed to impose an additional 10% tariff against "any Country aligning themselves with the anti-American policies of BRICS," referring to the bloc of developing nations that condemned Trump's tariff policies at a summit Sunday. Trump's post did not mention a timeline for imposing additional tariffs on member countries.