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.

P resident Donald Trump is set to impose a 25 percent tariff on goods imported from Japan and South Korea, starting August 1st. This move could potentially lead to price increases on a range of products if the costs are passed on to consumers.

Kentucky Governor Andy Beshear says tariff's implemented on other nations by President Trump has been "chaos" and is not what Kentuckians voted him in office to do.

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%.

U.S. stock markets reacted negatively on Monday after President Trump announced via social media that he would unilaterally impose 25% trade tariffs on Japan and South Korea. The tariffs target two of America’s closest allies and key suppliers of autos,

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America’s biggest trading partners have tried tactics ranging from appeasement to retaliation to avoid higher tariffs. All find themselves faced with similar threats from Washington.

Most nations are still negotiating in hopes of avoiding punitive import taxes. At the same time, they’re looking for trading partners as a way around the United States.