President Donald Trump announced late Monday that he has imposed new tariff rates on a dozen countries. Trump provided notice of the tariffs, which will begin on Aug. 1, by posting letters on Truth Social addressed to the leaders of the various countries.
Among the more notable tariffs, President Trump imposed 25% duties on imports from Japan and South Korea. He also warned the leaders of the two nations that he could raise tariff rates even higher if they respond.
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“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 wrote to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae Myung.
Earlier on Monday, President Trump hinted that the Aug. 1 date was flexible. Throughout his current term as president, Trump has announced tariffs on dozens of nations, only to delay them. In April, he issued a broad set of tariffs on dozens of nations, only to delay implementation by 90 days.
"I would say final, but if they call with a different offer and if I like it, we'll do it," President Trump said.
The higher tariffs could hinder economic growth, if not increase recession risks. The Dow Jones reacted negatively to Monday's news, falling by more than 400 points.
