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The United States will impose 25% blanket tariffs on imports from Japan and South Korea starting Aug. 1, President Donald Trump revealed Monday.
Trump, in a pair of Truth Social posts, shared screenshots of letters apparently sent to Japanese Prime Minister Ishiba Shigeru and South Korean President Lee Jae-myung dictating the new tariff rates.
The two form letters appear to be the first of what Trump said could be as many as 15 letters sent between Monday and Wednesday, the deadline when his so-called reciprocal tariffs on dozens of countries were scheduled to snap back to the higher levels he had set in April.
U.S. financial markets fell to session lows on news of the letters. The Dow Jones Industrial Average shed 447 points, or 1%. The S&P 500 lost 0.8%, and the Nasdaq Composite dropped 0.9%.
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