New Delhi, July 7 -- US President Donald Trump said Monday (July 7) he will impose 25 percent tariffs on imports from Japan and South Korea, escalating trade tensions with two key American allies.

In near-identical letters sent to Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol, Trump said the duties would take effect on August 1.

"Unfortunately, our trading relationships remain far from Reciprocal," Trump wrote in both letters.

This is a developing story.

Published by HT Digital Content Services with permission from MINT....