25% US tariffs hit Japan and South Korea ...Iraq

On Monday, US President Donald Trump announced theimposition of 25% tariffs on imports from South Korea and Japan, citing ongoingtrade imbalances with the two key American allies in Asia.

He warned that any retaliatory measures—such as raisingtariffs on American products—would be met with additional duties. “If youchoose for any reason to raise your tariffs, whatever percentage you decidewill be added to the 25% we are imposing,” Trump stated.

Financial markets reacted to the announcement. The S&P500 fell by around 1% in afternoon trading, while yields on US Treasury bondsrose to approximately 4.39%.

Earlier, Trump threatened an additional 10% tariff on anynation supporting what he labeled the “anti-American policies” of BRICS, as thegroup wrapped up its annual summit in Brazil.

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