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.

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%.

South Korea, the United States and Japan will hold trilateral ministerial talks on the sidelines of a multilateral gathering in Malaysia on Friday, Seoul officials said, with steep U.S. tariffs, and other shared regional and global issues likely to be high on the agenda.

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 on Monday informed Japan and South Korea that 25% tariffs will be imposed starting Aug. 1 on goods sent to the United States.

In letters so far to 14 countries, including smaller exporters to the United States such as Serbia, Thailand and Tunisia, Trump hinted at opportunities for additional negotiations, even while warning that reprisals would draw a like-for-like response.

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.

Japanese carmakers cut export prices to the U.S. by a record 19.4% in June, the steepest decline since at least 2016. The drop reflects efforts to stay competitive after U.S. President Donald Trump’s 25% auto tariffs took effect in April,

U.S. and European stock futures slid in Asia on Friday after President Donald Trump stepped up tariff threats against Europe and Canada, snuffing out an early rally in regional share markets.