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%. Both Japan and South Korea saw first-quarter gross domestic product contract on a quarter-on-quarter basis.

Trump helped Speaker Mike Johnson pressure GOP holdouts into flipping their no votes to allow the measure to go forward in time to meet the president's self-imposed July Fourth deadline. Trump says tariff letters to be sent to 'various countries' on Monday President Donald Trump posted on Truth Social that his tariff letters "and/or deals" will be delivered to "various countries from around the world,