Trump imposes tariffs on Asian countries, including allies Japan and South Korea.
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Markets reacted negatively to the latest tariff announcements, with the S&P 500 experiencing its largest decline in three weeks. President Donald Trump addressed reporters before boarding Air Force One at Morristown Municipal Airport in New Jersey on Sunday, July 6, 2025, as he headed to Washington. (AP Photo/Jacquelyn Martin) In a series of letters, U.S. President Donald Trump has notified key trade partners, including Japan and South Korea, that their current trade agreements are "unfortunately, far from reciprocal." Starting on August 1, the United States intends to implement a 25 percent tariff on both Japan and South Korea, two significant U.S. allies, as the administration's self-imposed July 9 deadline for trade agreements approaches without a resolution in place. On Monday, the Trump administration released the first of twelve letters to essential U.S. trade partners outlining the new tariffs they will encounter. In nearly identical letters sent to the leaders of Japan and South Korea, Trump expressed that the trade relationship was "unfortunately, far from reciprocal.
Reuter