President <a href="https://www.foxbusiness.com/category/donald-trump" target="_blank" rel="noopener">Donald Trump</a> on Monday announced the U.S. will impose 25% tariffs on goods imported from Japan and South Korea.

Trump shared letters addressed to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae Myung in posts on Truth Social.

The new levies will take effect on Aug. 1.

Stocks reacted to the announcement, with the <a href="https://www.foxbusiness.com/category/markets" target="_blank" rel="noopener">Dow Jones Industrial Average</a> falling more than 500 points, or 1.1%, while the S&amp;P 500 and the Nasdaq Composite each dropped 0.9%.

This is a developing story. Please check back for updates.

The U.S. will impose tariffs of 25% on Japan and South Korea beginning on Aug. 1, President Donald Trump announced on Monday in posts on Truth Social.{ai:summary}President Trump announced a 25% tariff on goods from Japan and South Korea, effective August 1. The announcement led to a significant drop in the stock market, with the Dow Jones falling over 500 points.This development is ongoing, and further updates are expected. #economy

Trump announces 25% tariffs on Japan, South Korea

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