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.

Trump’s new tariff letters have sent shockwaves across global markets as he targets 22 countries with tough new trade threats just weeks before the August 1 deadline. From close allies like Japan and South Korea to BRICS nations like Brazil and South Africa,

Global stocks advanced on Thursday, underpinned by optimism around artificial intelligence and the prospect of upcoming interest rate cuts, while investors kept a cautious eye on U.S. President Donald Trump's tariff actions and their impact on global trade.

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 Donald Trump sent out letters to nations that haven't entered into trade agreements with the U.S., informing them of their new tariff rates.

By Susan Heavey, Doina Chiacu and Bart H. Meijer WASHINGTON/BRUSSELS (Reuters) -President Donald Trump said on Monday the U.S. would impose a 25% tariff on imports from Japan and South Korea beginning August 1 as he unveiled the first two of what he has said will be a wave of letters to trading partners outlining the new levies they face.

Trump announced a 20% levy on the Phillippines, as per his latest Truth Social post. Laos: 40%. Myanmar: 40%. Thailand: 36%. Cambodia: 36%. Bangladesh: 35%. Serbia: 35%.

Former Vice President Mike Pence criticized Donald Trump’s tariff agenda, saying it was a starkly different approach to trade from his first term that would harm American consumers and businesses.Pence told Bloomberg Television on Thursday said that the tariffs enacted during Trump’s first presidency,

President Trump has announced — but postponed the effective date for — higher tariffs once again. Here's what to know about the latest on his tariff policy.