President Trump has announced tariffs of 25% on imports from Japan and South Korea, starting August 1, hurting financial markets.

Donald Trump has decided to impose a 25% tariff on imports from Japan and South Korea from August 1 as part of a global campaign of trade pressure. The tariff on South Korea had already been announced, while the tariff on Japan was increased by one percentage point. The announcement led to falls in financial markets, especially for Japanese car companies. The European Union is hoping for a quick deal to avoid tariff hikes, but risks a 10% to 20% increase without one. Trump has also warned BRICS countries of additional tariffs if they align with anti-US policies.