Japan, Trump and South Korea
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bne IntelliNews on MSNJapan, France call for downgrading ties with the US as tariff hikes loomBy Ben Aris in Berlin Japanese Prime Minister Shigeru Ishiba said at the end of last week his country needs to “wean itself from US dependence” in such key areas as security, food and energy. France’s National Assembly also issued a big report that called Europe a US “vassal” and proposed,
President Donald Trump on Monday set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other countries.
P resident Donald Trump is set to impose a 25 percent tariff on goods imported from Japan and South Korea, starting August 1st. This move could potentially lead to price increases on a range of products if the costs are passed on to consumers.
While South Korean imports to the U.S. face 25% tariffs, the same as Trump promised in April, the rate on Japan has been raised by 1 percentage point to 25%.
U.S. stock markets reacted negatively on Monday after President Trump announced via social media that he would unilaterally impose 25% trade tariffs on Japan and South Korea. The tariffs target two of America’s closest allies and key suppliers of autos,
America’s biggest trading partners have tried tactics ranging from appeasement to retaliation to avoid higher tariffs. All find themselves faced with similar threats from Washington.
The pause on the biggest of Trump's tariffs won't end this week, but the president continues to pledge steep new duties against major countries.
"Deeply regrettable" is how Japanese Prime Minister Shigeru Ishiba has described US President Donald Trump's latest tariff threat - a 25% levy on Japanese goods. Tokyo, a long-time US ally, has been trying hard to avoid exactly this.