While South Korean imports to the U.S. face 25% tariffs, the same as Trump promised in April, the rate on Japan has been raised by 1 percentage point to 25%. Both Japan and South Korea saw first-quarter gross domestic product contract on a quarter-on-quarter basis.

President Donald Trump on Monday informed 14 nations, including Japan and South Korea, that new tariffs of at least 25% will be imposed starting Aug. 1 on most goods sent to the United States.

President Trump said the U.S. will impose 25% tariffs on Japan and South Korea, while imports from five other countries also face higher levies.