Asian markets showed resilience to the U.S. tariff announcement, as Japan and South Korea received 25% tariffs, with a negotiation extension to August 1. Japan's Nikkei 225 rose 0.3%, while South Korea's KOSPI climbed 1.8%. Trump warned about tariffs on goods transshipped to evade rates and indicated potential further hikes if Japan or South Korea retaliated. Leaders from both countries remain optimistic about reaching a mutually agreeable solution before the extended deadline. Other Southeast Asian economies also faced new tariffs ranging from 25% to 40%.
The U.S. President imposed flat 25% tariffs on Japan and South Korea, pushing the negotiation deadline to August 1. Trading partners, including Vietnam, face steep tariffs.
Trump indicated that goods transshipped to avoid higher tariffs would be subject to increased rates, threatening further hikes if Japan or South Korea retaliate.
Both Japan’s Prime Minister and South Korea’s President expressed optimism in negotiating mutually agreeable arrangements before the looming deadline.
Asian markets reacted positively, with Japan's Nikkei 225 rising 0.3% and South Korea's KOSPI increasing by 1.8%, demonstrating resilience against tariff announcements.
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