President Donald Trump plans to impose a 25 percent tariff on goods imported from South Korea and Japan. The levy will go into effect on August 1st, which is when the Trump administration will begin enforcing sweeping tariffs on a wider swath of countries that fail to reach a trade agreement with the US.

President Donald Trump on Monday placed a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on Malaysia, Kazakhstan, South Africa, Laos and Myanmar.