U.S. President Donald Trump said the United States will levy a 25% tariff on all goods imported from Japan and South Korea beginning Aug. 1. The decision was conveyed in near-identical letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung that Trump posted on his Truth Social platform Monday. Trump wrote that the two long-standing allies maintain trade practices that are “far from reciprocal” and blamed them for persistent U.S. deficits. He warned that any retaliatory duties would be met with an equivalent increase added “on top of the 25% that we charge.” The letters state that the broad levy will apply separately from sector-specific tariffs already in place on items such as autos, steel and aluminum. The measures are the first in a planned series of “trade letters” aimed at up to 15 partners as a July 9 deadline approaches for negotiating new agreements. Washington earlier imposed a universal 10% tariff in April but paused higher rates while talks continued; only the United Kingdom and Vietnam have since reached deals to avert steeper duties. News of the fresh tariffs sent the S&P 500 down roughly 1% in midday trading, and officials in Tokyo and Seoul have yet to outline a response.