Tariffs will increase by 25% on imports from Japan and South Korea starting August 1 unless new trade agreements are established. Japanese Prime Minister Shigeru Ishiba expressed a desire to negotiate a mutually beneficial deal. President Trump warned these tariffs could escalate if tariffs from Japan and South Korea are raised. Asian markets remained steady, but Wall Street, particularly the S&P 500, showed signs of decline. Despite previous discussions, ongoing negotiations are not considered a new deadline according to US Treasury Secretary Scott Bessent.
"If, for any reason, you decide to raise your tariffs, then, whatever the number you choose to raise them by, will be added on to the 25% that we charge."
"While the news is disappointing, it does not mean the game is over," former US trade negotiator Wendy Cutler said.
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