President Donald Trump on Monday placed a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on Malaysia, Kazakhstan, South Africa, Laos and Myanmar.

South Korea said it planned to intensify trade talks with the United States and considers U.S. President Donald Trump's plan for a 25% tariff from August 1 as effectively extending a grace period on implementing reciprocal tariffs.

President Donald Trump cranked up the pressure on two of America’s key trading partners, Japan and South Korea, firing off letters Monday to the heads of their countries that informed them of their new tariff rate.