President Trump on Monday said the U.S will impose 25% tariffs on goods from South Korea and Japan by Aug. 1, while also threatening to hit a dozen other nations with steep import duties by next month.

President Trump said Japan and South Korea would face tariffs of 25 percent unless they reached an agreement with the United States. Other countries received notice of higher levies.

President Donald Trump announced on Monday that he is levying tariffs against South Korea and Japan beginning in August. Trump