Reciprocal Tariff Rate Threat Unchanged for Korea, Goes up 1% for Japan
President Donald Trump shared the text of his "offer letters" to Japan and South Korea, telling those countries' leaders that goods from their countries will be subject to 25% tariffs, beginning Aug. 1. Back in April, he had said a 24% reciprocal tariff rate would apply to Japanese goods, and a 25% rate would apply for South Korean goods, with those rates briefly taking effect before being delayed until July 9.
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For both countries, a large amount of their exports are cars and auto parts, which are already subject to 25% tariffs.