<h1>President delays tariff implementation until August 1 but imposes 25% taxes on Japan and South Korea imports</h1> A President delayed tariff implementation until August 1 but imposed 25% taxes on imports from Japan and South Korea due to trade imbalances. The administration is pressuring trading partners to negotiate deals before the deadline. Markets showed mixed reactions, with the S&P 500 declining 0.8% Monday but remaining near record levels. Japan's Prime Minister called the tariffs 'extremely regrettable' and vowed to continue negotiations. The President plans to visit Texas following deadly flash floods, amid questions about cuts to federal emergency services. The administration is sending warning letters to countries about potential higher tariffs.