Washington, July 8 (H.S.): U.S. President Donald Trump announced on Monday that a 25 percent import tax (tariff) on goods from Japan and South Korea Will be implemented starting August 1,2025.

“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 in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung.

Later,Trump announced steep tariffs on twelve countries to address trade imbalances, with rates including 40% on Myanmar and Laos, 30% on South Africa, 25% on Kazakhstan, Malaysia, and Tunisia, 32% on Indonesia, 30% on Bosnia, 35% on Bangladesh and Serbia, and 36% on Cambodia and Thailand. The details were shared on Truth Social.

This decision aims to address what Trump calls unfair trade practices and significant trade deficits, as highlighted in a White House statement.

Trump shared letters to leaders of fourteen nations regarding new tariffs letters shared on 'Truth Social,' warning that retaliatory tariffs from these countries could trigger additional charges from the U.S.

The outlined tariff rates were similar to those proposed in April's Liberation Day announcement, which threatened new taxes on foreign goods. He claims that these tariffs will protect American businesses from foreign competition and enhance domestic manufacturing and job creation.

Following this announcement, U.S. stock markets experienced declines, with the Dow dropping by 447 points (1%) and the S&P 500 and Nasdaq falling by 0.8% and 0.9%, respectively.

Hindusthan Samachar / Jun Sarkar