President Donald Trump has released the first of his “letters” threatening to impose country-specific tariffs of 25% on both Japan and South Korea from August 1st, if those countries can’t reach a deal with his administration by then. Back in April, Trump threatened to hit Japan with a 24% reciprocal tariff and South Korea a 25% tariff, so these new ultimatums are almost identical to the original “Liberation Day” levels. Those higher tariffs were then paused for 90 days until tomorrow but, as media reports had suggested in recent days, Trump appears to have given countries another few weeks to negotiate.
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