Author: Al Jazeera
Published on: 07/07/2025 | 00:00:00
AI Summary:
Donald Trump is set to impose 25 percent tariffs on two key US allies, Japan and South Korea. Japan’s Prime Minister Shigeru Ishiba has said that he “won’t easily compromise” in trade talks with the Trump administration. The US imports nearly twice as much from Japan as it exports to the country, according to US Census Bureau data. White House Press Secretary Karoline Leavitt says “there will be additional letters in the coming days” Trump will sign an executive order on Monday formally delaying the July 9 deadline to August 1. The new 10 percent tariff will be imposed on individual countries if they take anti-American policies, a source familiar with the matter told Reuters news agency. Russia said BRICS was a group of countries that share common approaches and a common world view on how to cooperate, based on their own interests. The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday. It was not clear whether there had been a meaningful breakthrough in talks to stave off tariff hikes on the largest trading partner of the US. Mercedes-Benz said on Monday its second-quarter unit sales of cars and vans had fallen 9 percent, blaming tariffs. As of 3:30pm in New York (19:30 GMT), the S&P 500 fell by 1 percent, marking the biggest drop in three weeks. US-listed shares of Japanese automotive companies fell, with Toyota Motor Corp down 4.1 percent in mid-afternoon trading.
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