Overview

• Formal letters to Japan, South Korea and a dozen other partners set uniform 25–40% duties on their exports to the US beginning August 1 unless new reciprocal agreements are reached
• Tariffs will be imposed on top of existing sector-specific levies and automatically increase by the same rate if countries retaliate with their own duties
• Companies headquartered in targeted countries that build or expand production in the United States qualify for full exemptions and expedited review processes
• Global stock indexes slid nearly 1% and the dollar climbed to one-week highs as investors weighed higher import costs and broader policy uncertainty
• South Korea’s Industry Ministry and Japanese officials have vowed to intensify negotiations before the August 1 deadline to secure concessions and avert the new duties