US President Donald Trump has declared a 25% tariff on imports from Japan and South Korea starting August 1, urging both nations to shift production to the US and warning of further tariff hikes if retaliatory measures are taken.
US President Donald Trump on Monday announced that the United States will impose a 25% tariff on goods imported from Japan and South Korea, effective August 1. The decision was made public through official letters posted on social media, addressed to Japanese Prime Minister Ishiba Shigeru and South Korean President Lee Jae-myung.
Trump cited long-standing imbalances in trade relations, stating, “Our relationship has been, unfortunately, far from Reciprocal,” indicating dissatisfaction with current tariff structures. He urged both countries to consider relocating production facilities to the US to avoid the new import duties.
The president said the 25% tariff is already lower than what he deems necessary to fully offset the US trade deficit with Japan and South Korea. Additionally, he issued a warning that should either country respond with retaliatory tariffs, the US would increase its rate accordingly: “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 had earlier indicated that he would begin notifying countries of specific tariff rates this week, ahead of a self-imposed Wednesday deadline to finalise new trade deals or face broader duties.
US Treasury Secretary Scott Bessent told CNBC that Washington is preparing several trade announcements within the next two days, as other nations rush to negotiate ahead of the expected reintroduction of tariffs on July 9. “We’ve had a lot of people change their tune in terms of negotiations,” Bessent remarked, adding that the coming days would be “busy.”
Azerbaijani President Ilham Aliyev and Turkish President Recep Tayyip Erdoğan spoke on 9 August, praising regional peace steps, new gas exports to Sy...
More than 1,000 aid packages have been airdropped over the Gaza Strip since the resumption of the international airdrop operation on 26 July, the Isra...
World leaders and international organisations have hailed the U.S.-brokered peace agreement between Azerbaijan and Armenia as a historic breakthrough,...
Afghan authorities have begun building a 50 million afghani canal in Panjshir province to improve irrigation, support farmers, and create 1,000 jobs, ...
Ukrainian President Volodymyr Zelenskyy said that he had spoken with British Prime Minister Keir Starmer, noting their shared view on the threat posed...
Azerbaijani President Ilham Aliyev and Turkish President Recep Tayyip Erdoğan spoke on 9 August, praising regional peace steps, new gas exports to Syria, and deepening bilateral ties.
More than 1,000 aid packages have been airdropped over the Gaza Strip since the resumption of the international airdrop operation on 26 July, the Israel Defense Forces (IDF) announced on Friday.
World leaders and international organisations have hailed the U.S.-brokered peace agreement between Azerbaijan and Armenia as a historic breakthrough, marking a decisive step toward stability and cooperation in the South Caucasus.
Afghan authorities have begun building a 50 million afghani canal in Panjshir province to improve irrigation, support farmers, and create 1,000 jobs, according to Tolonews.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
Chinese automaker Chery has denied an industry-ministry audit that disqualified more than $53 million in state incentives for thousands of its electric and hybrid vehicles, insisting it followed official guidance and committed no fraud.
De-dollarisation, the move away from the U.S. dollar in global trade and finance, is no longer a fringe idea. As geopolitical tensions rise and new financial tools emerge, could this shift really transform the global economy?
Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
U.S. stock markets closed higher on Wednesday, with the Nasdaq leading gains after tech giants – particularly Apple – saw strong advances.
Global financial markets are trading mixed today amid U.S. President Donald Trump’s announcement of tariffs on drug and semiconductor imports, coupled with weak service sector data impacting investor risk appetite.
Tesla has granted Elon Musk a $29 billion share award as part of a new compensation plan to retain him as CEO while the company shifts focus from electric cars to robotaxis and AI. The move revives elements of a controversial 2018 package previously struck down by a Delaware court.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment