Japan to 'closely monitor' US-South Korea trade developments - Hayashi

SEOUL: Japanese government spokesperson Yoshimasa Hayashi said on Thursday (July 31) that his country will “closely monitor” trade talk developments between South Korea and the United States, after President Donald Trump said the U.S. will impose a 15% tariff on imports from South Korea.

AI Brief

Trump reduced a planned 25% tariff as part of a trade agreement with South Korea.
South Korea committed US$350B in US projects and US$100B in energy imports.
Countries are racing to finalize deals before Trumps August 1 tariff hike deadline.

Trump announced the new figure on Wednesday (July 30), down from a threatened 25%, as part of a deal that eases tensions with a top-10 trading partner and key Asian ally.

South Korea also agreed to invest $350 billion in the United States in projects selected by Trump and to purchase energy products worth $100 billion.

The arrangement, announced after Trump met with Korean officials at the White House, came during a blizzard of trade policy announcements. Many countries are rushing to cut deals ahead of August 1, when Trump has promised higher tariffs will kick in.