In April, Trump announced a 25% tariff on U.S. imports from South Korea as part of his broader “Liberation Day” trade package targeting dozens of countries.

The country’s new president, in office for a little over a month, had just dispatched his senior deputies to Washington to try to work out a trade deal.

President Trump's newly announced 25% tariffs on goods from South Korea and Japan closely reflect tariffs for each nation that Trump had announced on April 2, before implementing a 90-day pause that was set to expire Wednesday.

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 nations that would go into effect on Aug. 1.

US stocks fell Monday as President Donald Trump announced a flurry of tariffs on countries including Japan, South Korea and South Africa.

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%.

Korean Air reported on Friday a fall of 4% in cargo revenue for the second quarter of its financial year, pointing to market volatility stemming from U.S. tariff policies.

The Trump administration is stepping up pressure on trading partners to quickly make new deals before a Wednesday deadline, with plans for the United States to start sending letters Monday warning countries that higher tariffs could kick in Aug.

The president warned both countries that if they retaliate with their own tariffs, the U.S. would further increase import taxes.

"We're anticipating a cargo surge in July as retailers stock up on goods ordered during the 90-day pause placed on tariffs and retaliatory tariffs," Port CEO Mario Cordero said.