According to a Fox Business report, President Donald Trump released several letters on Monday announcing 25% tariffs on countries including Japan and South Korea.
Trump shared letters addressed to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung in posts on TRUTH Social.
From Fox Business:
The new levies will take effect on Aug. 1. If either Japan or South Korea raise tariffs in retaliation, Trump said in his letters that the U.S. tariffs will increase by an equal amount.
Stocks reacted to the announcement, with the Dow Jones Industrial Average falling more than 500 points, or 1.1%, to a session low while the S&P 500 and Nasdaq Composite each dropped 0.9%.
Trump’s letters said it is a “Great Honor to send you this letter in that it demonstrates the strength and commitment of our Trading Relationship,” and that the U.S. has agreed to continue to work with Japan and South Korea “despite having a significant Trade Deficit” with each country.
“Nevertheless, we have decided to move forward with you, but only with more balanced, and fair, TRADE. Therefore, we invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far,” Trump wrote.
He went on to tell Japan and South Korea that “there will be no Tariff” if companies in those countries “decide to build or manufacture product within the United States and, in fact, we will do everything possible to get approvals quickly, professionally, and routinely – in other words, in a matter of weeks.”
“We look forward to working with you as your Trading Partner for many years to come. If you wish to open your heretofore closed Trading Markets to the United States, and eliminate your Tariff, and Non Tariff, Policies and Trade Barriers, we will, perhaps, consider an adjustment to this letter,” Trump added.
“These Tariffs may be modified, upward or downward, depending on our relationship with your Country. You will never be disappointed with The United States of America,” Trump wrote.
🚨BREAKING: President Trump just announced 25% TARIFFS on ALL imports from South Korean & Japan starting August 1.
“No more one-sided trade. America comes first.”
God bless President Trump for putting America FIRST! pic.twitter.com/O7lkPAQnLw
— Bo Loudon (@BoLoudon) July 7, 2025
White House Press Secretary Karoline Leavitt confirmed that the letters went out to both Japan and South Korea on Monday.
Watch the clip below:
.@PressSec Karoline Leavitt on tariff deadline: "The president will also sign an executive order today, delaying the July 9th deadline to August 1st" pic.twitter.com/jMXn8cCalz
— CSPAN (@cspan) July 7, 2025
More over at Fox Business:
— FOX Business (@FoxBusiness) July 7, 2025