President Donald Trump ratcheted up the pressure on Japan and South Korea Monday, sending letters saying the U.S. will impose 25 percent tariffs starting Aug. 1.
But he did leave a little wiggle room in case they want to return to the negotiating table.
The president made the announcement in a pair of Truth Social posts that included images of the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung.
CNBC reported the two letters could be the first of up to 15 that he could send between Monday and Wednesday.
Trump opened his letter to Japan by noting the strength of the two countries’ trading relationship.
He continued, writing, that the U.S. “has agreed to continue to work with Japan, despite having a significant trade deficit with your great country.”
But given this reality, Trump said he is imposing a 25 percent tariff, which is separate from the sector tariffs already in place, like those on auto and steel imports.
BREAKING: Trump has just officially declared that Japan and South Korea will have a 25% tariff starting on August 1st!
They didn’t make a deal, now they will pay the price. pic.twitter.com/aw60Dwegzj
— Gunther Eagleman™ (@GuntherEagleman) July 7, 2025
“If for any reason, you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 percent we charge,” Trump wrote.
The president indicated that if Japan wishes to open its market to U.S. products, the 25 percent tariff could be adjusted downward.
Trump’s letter to Jae-myung read similarly.
“These tariffs may be modified, upward or downward, depending on our relationship with your Country,” he wrote in both letters.
Trump closed with one of his favorite lines, “Thank you for your attention to this matter!”
Shortly after announcing his reciprocal tariff rates in early April, Trump placed a 90-day pause on their implementation to allow time for trade talks. That deadline is Wednesday, July 9.
So far, the U.S. and the United Kingdom have signed a comprehensive agreement, while China and Vietnam have agreed to trade frameworks with the Trump administration, according to the Associated Press.
However, Treasury Secretary Scott Bessent told CNBC Monday, “We are going to have several announcements in the next 48 hours.”
.@SecScottBessent on trade negotiations: “We are going to have several announcements in the next 48 hours… What President Trump is concerned about is the quality of the deals, not the quantity… It’s going to be a busy couple of days.” pic.twitter.com/xBWFDoaP7l
— Rapid Response 47 (@RapidResponse47) July 7, 2025
“What President Trump is concerned about is the quality of the deals, not the quantity,” he added.
With the deadline approaching, Bessent reported that his mailbox is full with a lot of new proposals, so “It’s going to be a busy couple of days.”
The Wall Street Journal reported that the three major stock indexes, which were all in record territory, dropped on news of Trump’s new tariffs.
The Dow Jones Industrial Average was off over 500 points, or 1.1 percent, as of Monday afternoon.
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