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

President Donald Trump on July 7 threatened to impose 25 percent tariffs on Japan and South Korea, and levies as high as 40 percent on 12 other countries, if they did not reach a deal by August 1.

New vehicles from the Japanese auto makers Subaru and Honda are seen at a parking lot in the Port of Richmond, as trade tensions escalate after U.S. President Donald Trump said he would impose a 25% tariff on goods from Japan and South Korea starting on August 1,