President Donald Trump on Monday set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other countries.

P resident Donald Trump is set to impose a 25 percent tariff on goods imported from Japan and South Korea, starting August 1st. This move could potentially lead to price increases on a range of products if the costs are passed on to consumers.

US trading partners trying to navigate the final weeks of negotiations before President Donald Trump’s so-called reciprocal tariffs hit are facing a leader who has made clear he’s lost patience with talks.

While South Korean imports to the U.S. face 25% tariffs, the same as Trump promised in April, the rate on Japan has been raised by 1 percentage point to 25%.

Treasury secretary Scott Bessent, part of Trump’s multi-leader trade team, has reportedly been a key advocate for the pauses. But the label has irked Trump and he insisted Tuesday that the deadline had always been in August. “I didn’t make a change. A clarification, maybe,” Trump said at a cabinet meeting.

U.S. stock markets reacted negatively on Monday after President Trump announced via social media that he would unilaterally impose 25% trade tariffs on Japan and South Korea. The tariffs target two of America’s closest allies and key suppliers of autos,

Price increases could hit coffee, shoes, appliances and other products following a flurry of tariffs issued by President Donald Trump in recent days, analysts told ABC News.

Secretary of State Marco Rubio met counterparts in Southeast Asia during his first visit to the region since taking office.