Trump Revives Trade War, Threatening Steep Aug. 1 Tariffs on Allies

President Trump said Japan and South Korea would face tariffs of 25 percent unless they reached an agreement with the United States. Other countries received notice of higher levies.

President Trump revived his trade war threat with more than a dozen countries on Monday, telling them that they would face steep tariffs on their exports as of Aug. 1 unless they agreed to trade deals by then. The president targeted two of America’s closest foreign allies, Japan and South Korea, as well as Malaysia, Indonesia and South Africa.

Mr. Trump also officially extended the timeline for dozens of other countries to agree to deals with the United States or face tariffs, signing an executive order on Monday afternoon delaying the stiff levies that were supposed to snap back on July 9.🙄