Trump announces additional customs duties on Japan and South Korea

US President Donald Trump stated in a post on the social media platform Truth Social that he had sent letters to Japan and South Korea informing them that additional customs duties would be applied to all products entering the US from these countries. Trump stated that this decision was necessary to close the US trade deficit.

In his letters, Trump emphasized that the US is the world's largest market and that a fairer trade balance must be established within it. Arguing that trade relations with Japan and South Korea are far from reciprocal, Trump said, "Therefore, we invite you to join the extraordinary economy of the United States."

The US President stated that a 25 percent additional customs duty would be applied to products from Japan and South Korea, but that no tax would be applied if companies from these countries manufacture their goods within the US. Trump added that the approval processes for such investments would be expedited.

Trump noted the importance of this decision for the US economy and national security, stating, "Please understand that the 25 percent rate is far less than what is needed to eliminate the trade deficit imbalance between your country and ours."

Finally, Trump indicated that if Japan and South Korea open their trade markets to the US, he might consider making changes to the tariffs mentioned in the letter. Saying, "The US will never let you down," he expressed that they look forward to continuing to work with these countries as trade partners in the future.

News Source: 12punto