Trump Slaps 25% Tariffs on Japan, South Korea, Effective August
MT Newswires Live07-08
US President Donald Trump imposed a 25% tariff on Japan and South Korea, effective Aug. 1, the White House announced Monday in Washington.
The new tariff is a slight increase for Japan from the previously announced 24%.
Several other countries will also face revised tariffs including Myanmar and Laos at 40%, Thailand and Cambodia at 36%, Bangladesh at 35%, Indonesia at 32%, and Malaysia and Kazakhstan at 25%.
An executive order also confirmed the Aug. 1 expiration of certain tariff rates.
These actions, according to the White House, aim to address the "severe" US trade deficit with the affected countries.
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