Trump Imposes Tariffs on Asian Allies
(MENAFN) US President Donald Trump has introduced fresh import taxes targeting multiple countries, notably long-standing Asian allies Japan and South Korea.
On Monday, he shared nearly identical letters through his Truth Social account addressed to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung.
In the messages, Trump announced a “tariff of only 25%” on all incoming goods starting August 1, stating that economic relations with Tokyo and Seoul had “been, unfortunately, far from Reciprocal.”
In the letter, Trump declared, “We have decided to move forward with you, but only with more balanced, and fair, TRADE.”
He encouraged both nations to engage in what he described as “the extraordinary Economy of the United States, the Number One Market in the World, by far.”
The president added a warning that if Japan or South Korea retaliate by raising their own import duties, an additional 25 percent levy might follow.
Beyond Japan and South Korea, the US is also implementing 25 percent tariffs on products from Kazakhstan, Malaysia, and Tunisia.
Even steeper duties are being applied to other nations: imports from South Africa and Bosnia and Herzegovina will face a 30 percent rate; Indonesia will be hit with 32 percent; Serbia and Bangladesh with 35 percent; Thailand and Cambodia with 36 percent; and Vietnam, Laos, and Myanmar with 40 percent.
Trump has consistently maintained that tariffs correct inequitable trade gaps and prevent other nations from “ripping off” the US. However, critics argue this strategy inflates consumer prices and weakens the national economy.
Democrats and several economists have labeled the latest round of tariffs as poorly crafted and potentially damaging.
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