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.

Japan and South Korea, the United States’ closest security allies in Asia and key partners in its effort to counter China, were sent scrambling Tuesday after the U.S. president renewed his threat to impose steep tariffs on their goods,

President Donald Trump will impose 25% tariffs on Japan and South Korea next month, prolonging the “Liberation Day” duty pause on those two allies amid trade negotiations. Trump announced the tariffs in letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung on Monday.

President Donald Trump issued separate letters to the president of South Korea and Japan's prime minister on Monday, saying the U.S. will start charging a 25% tariff on Aug. 1.  "We must move away from these longterm,

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.

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%.

President Trump's newly announced 25% tariffs on goods from South Korea and Japan closely reflect tariffs for each nation that Trump had announced on April 2, before implementing a 90-day pause that was set to expire Wednesday.

Trump's tariff announcement has already led to a decline in stock indices, and its ripple effects are expected to affect investors in the weeks ahead.

The top military chiefs of the US, South Korea, and Japan met in Seoul Friday, as President Donald Trump ups the pressure over defense spending and trade.

South Korea, the United States and Japan held trilateral ministerial talks at a multilateral gathering in Malaysia on Friday to discuss coordination on key shared regional and global issues, Seoul officials said.