Donald Trump confirmed Monday that his administration has begun sending letters to foreign governments outlining new tariff rates, reigniting global trade tensions. Letters posted to Truth Social show Japan and South Korea will each face 25% tariffs on exports to the United States, effective August 1.
The move marks a return to the “Liberation Day” tariffs announced April 2 but delayed for 90 days. Both letters warn that any retaliatory tariffs by Japan or South Korea will be matched and added to the existing 25% rate.
“If you decide to raise your tariffs… that number will be added onto the 25%,” the letter to Japan reads. Markets briefly dropped on the news but later stabilized. The Russell 2000 index, which tracks smaller companies, was hit hardest.
The re-escalation injects renewed uncertainty into global markets and trade relationships as countries now face a countdown to August.
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