President Trump on Monday said the U.S will impose 25% tariffs on goods from South Korea and Japan by August 1, while also threatening to hit five other nations with import duties of up to 40% by next month.

President Donald Trump unveiled the first in a wave of promised letters that threaten to impose higher tariff rates on key trading partners, including levies of 25% on goods from Japan and South Korea,

President Trump has told 14 countries that they will face tariffs of at least 25 percent on Aug. 1 if they don’t reach agreements by then.