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Donald Trump has said he will impose 25 per cent tariffs on imports of goods from Japan and South Korea, in an announcement that sent US stocks sliding.
The president on Monday said the new levies on both countries would come into effect on August 1. Trump has vowed to announce tariff rates for dozens of other trading partners in coming days.
Trump said in letters posted on his Truth Social platform that the US goods trade deficit with both countries was a “major threat to our economy and indeed our National Security”.
The S&P 500 fell to session lows after the announcement, leaving it down about 0.8 per cent.
This is a developing story
