Trump added that the tariffs might be lowered if the nations open their markets and reduce non-tariff barriers.
President Donald Trump on July 7 issued letters announcing 25 percent tariffs on Japan and South Korea, set to take effect on Aug. 1, as he pressed ahead with unilateral tariffs on nations that have not yet reached trade agreements with his administration.
In the letters, released on social media platform Truth Social, Trump warned that the tariffs could be increased if the countries raise their own trade barriers or fail to address longstanding trade imbalances with the United States.
“Please understand that the 25 [percent] number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country,” he wrote to Japan’s prime minister, with an identical statement featured in Trump’s letter to the president of South Korea.
Trump added that the tariffs might be lowered if the nations open their markets and reduce non-tariff barriers, emphasizing that persistent trade deficits pose “a major threat to our Economy and, indeed, our National Security.”
This is a developing story. Check back for updates.
By Tom Ozimek
