Trump announces 25% tariffs on imports from Japan, South Korea
US President Donald Trump announced Monday that 25% tariffs will be imposed on imports from Japan and South Korea starting August 1.
In letters posted on Truth Social and addressed to the leaders of both nations, Trump stated that the tariffs are designed to address trade imbalances and will be distinct from existing sector-specific tariffs. He warned that any retaliatory actions will be countered with equivalent US tariff increases, Xinhua reported.
Trump stated that companies from Japan or South Korea may avoid the tariffs by shifting manufacturing to the United States, offering expedited clearances for such moves.
White House Press Secretary Karoline Leavitt confirmed that an executive order will extend the current pause on reciprocal tariffs until August 1. She added that similar notices would be sent to around a dozen other countries, according to Xinhua.
Trump warns Iran as nuclear tensions escalate
US President Donald Trump said Iran has refused nuclear inspections and continues to enrich uranium, warning that any attempt to restart its programme at new sites would be “a problem.” He will meet Israeli Prime Minister Benjamin Netanyahu on Monday to discuss Iran and a possible Gaza ceasefire, Al Jazeera reported.
The International Atomic Energy Agency (IAEA) confirmed the withdrawal of inspectors following joint US-Israeli attacks on Iranian nuclear sites. Iran denies wanting nuclear weapons, insisting that its program is civilian. However, the United States and Israel maintain that Tehran is working toward weaponization. Despite these accusations, neither US intelligence nor the IAEA have discovered substantial evidence of a nuclear weapons program. Talks about resuming inspections have stalled, according to Al Jazeera.
Iran’s oil sector booms despite sanctions
Iran’s energy sector is booming despite years of US-led sanctions. In 2024, oil output achieved a 46-year high, with energy exports hitting $78bn, up from $18bn in 2020, Firstpost reported.
Experts say sanctions are becoming increasingly ineffective as Iran, aided by China, continues to bypass restrictions using discreet shipping and non-dollar transactions. China now buys around 90 percent of Iran's oil.
Iran has also expanded exports of gas liquids and relies on the South Pars field for most of its gas production. The Revolutionary Guards have strengthened domestic infrastructure, reducing reliance on foreign partners, according to Firstpost.
Geopolitical tensions, including with Israel, have had minimal impact, keeping Iran’s oil industry resilient and well-funded.
China fears US focus shift if Russia loses, says Wang Yi
Chinese Foreign Minister Wang Yi told EU leaders that Beijing fears a Russian defeat in Ukraine could lead the US to shift its full focus toward confronting China. The remarks, made during talks with EU foreign policy chief Kaja Kallas, surprised Brussels officials, Firstpost reported.
Wang denied claims that China is arming Russia, saying if Beijing were providing real support, the war would be over. The Chinese foreign ministry declined to clarify his comments.
Ukraine's President Zelensky has accused China of supporting Russia while cutting off drone sales to Ukraine. Meanwhile, US military aid to Ukraine continues to decline with critical arms shipments halted on July 1.
China-Russia ties are strengthening ahead of a planned meeting between Xi and Putin in September, according to Firstpost.
