President Donald Trump on Monday set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other countries.

President Donald Trump on Monday informed Japan and South Korea that 25% tariffs will be imposed starting Aug. 1 on goods sent to the United States.

President Donald Trump has announced that the European Union and Mexico will face a 30% tariff on imports to the US from 1 August. He warned he would impose even higher import taxes if either of the US trading partners decided to retaliate.

Leaders from both economies had been trying to negotiate more favorable terms, only to have those efforts blown up by form letters.

While South Korean imports to the U.S. face 25% tariffs, the same as Trump promised in April, the rate on Japan has been raised by 1 percentage point to 25%.

Donald Trump's insistence that "spoiled" Japan imports more US rice is adding to Prime Minister Shigeru Ishiba's problems ahead of elections that could sink his premiership after less than a year in office.

Japanese bond yields are rising and give rise to the sense that Japan is either in the ante chamber of a full recovery, or on the precipice of something nastier

"Deeply regrettable" is how Japanese Prime Minister Shigeru Ishiba has described US President Donald Trump's latest tariff threat - a 25% levy on Japanese goods. Tokyo, a long-time US ally, has been trying hard to avoid exactly this.