<h1>President announces 25% tariffs on Japanese and South Korean goods, 25-40% rates on 12 other nations starting August 1</h1> The US President announced 25% tariffs on Japanese and South Korean goods, along with varying tariff rates on 12 other nations, effective August 1. The tariffs range from 25% to 40% across different countries, with the administration warning against retaliation. The President declared an economic emergency to impose these unilateral trade measures, citing past trade deficits and domestic manufacturing concerns. Stock markets declined following the announcement, while affected nations indicated willingness to negotiate. The tariff authority faces legal challenges, with courts previously ruling the President exceeded constitutional authority. Despite promising 90 deals in 90 days, only two trade frameworks have been completed so far.