President Donald Trump on July 7 issued letters announcing reciprocal tariffs on a slate of countries set to take effect on Aug. 1, including 25 percent tariffs on Japan and South Korea, as he pressed ahead with unilateral trade measures against nations that have not yet reached 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 long-standing trade imbalances with the United States.
