The Impact of Trump's Tariffs on South Korea and Japan
The Impact of Trump's Tariffs on South Korea and Japan
In April, President Trump promised to impose a 25% tariff on South Korean imports to the U.S. This move has raised concerns about potential economic downturn for both South Korea and Japan. While the 25% tariff on South Korean imports remains unchanged, the rate for Japan has been slightly increased to 26%. This has caused a ripple effect on the economy of both countries, as they heavily rely on exports to the U.S. market. The tariffs have also sparked concerns about retaliation and possible trade wars, which could have a significant impact on the global economy.
