The tariffs on two of America’s closest allies would go into effect Aug. 1, unless the countries reach some kind of trade agreement with the United States.

President Trump announced 25% duties on both South Korea and Japan. The new rates — which aren’t scheduled to take effect until Aug. 1 — track closely with the rates the president first announced on "Liberation Day" in April.

President Donald Trump on Monday informed Japan and South Korea that 25% tariffs will be imposed starting Aug. 1 on goods sent to the United States.