President Trump on Monday said the U.S will impose 25% tariffs on goods from South Korea and Japan by Aug. 1, while also threatening to hit a dozen other nations with steep import duties by next month.

The US has imposed new tariffs on imports from seven countries, including the Philippines and Algeria, as part of Trump's drive to reduce the trade deficit and promote fair trade.

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.