U.S. President Donald Trump on Sunday said some trade deals had been made with trading partners and letters would go out to other countries notifying them of higher tariff rates. Commerce Secretary Howard Lutnick told reporters that the higher tariffs would take effect on August 1,

The 25 percent duty threatened in the letters effectively matches the initial reciprocal tariffs Trump briefly imposed on the two countries in April.

President Donald Trump on Monday placed a 25% tax on goods imported from Japan and South Korea, citing persistent trade imbalances with the two crucial U.S. allies in Asia