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 on Monday placed a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on Malaysia, Kazakhstan, South Africa, Laos and Myanmar.

President Trump on Monday issued a flurry of letters informing countries of their new tariff rates, which were slated to go into effect on Aug. 1. The letters, published on Truth Social, say that the U.S. will be enacting anywhere from 25% to 40% tariffs.