Trump's Tariff Turmoil: A New Phase in Global Trade Conflict

U.S. President Donald Trump announced a significant increase in tariffs on imports from various countries, sparking a new phase in the trade war. With tariffs set to rise by 25% from August 1, Trump is pressuring allies such as Japan and South Korea while negotiations continue for resolutions.

In a fresh escalation of the global trade war, U.S. President Donald Trump declared on Monday that import tariffs on goods from key allies, including Japan and South Korea, will increase by 25% starting August 1. The abrupt decision rattled Wall Street, though Asian markets showed resilience.

Trump's administration has already dispatched notice to 14 countries, signaling potential room for negotiations but maintaining a firm stance on retaliatory measures. While Trump extended the deadline for talks, he indicated flexibility for progress ahead of August 1, when the tariffs are set to begin.

In response, several affected nations, including Japan and South Korea, are preparing for intricate trade discussions with U.S. representatives. Meanwhile, Trump's plan to impose tariffs on a broader range of countries highlights the ongoing tensions in the international trade landscape.

(With inputs from agencies.)