Trump's Trade War Targets Japan and South Korea, Yens Plunge
The yen fell on Tuesday as U.S. President Trump announced 25% tariffs on Japanese and South Korean goods, rattling markets. These tariffs, set for August, sent the yen and won downward. Investors face uncertainty amid trade discussions, while other currencies, like the euro, experience slight recovery.
The Japanese yen experienced a significant fall on Tuesday following U.S. President Donald Trump's announcement of imposing 25% tariffs on goods from Japan and South Korea. This move is the latest in his ongoing and chaotic trade war strategies.
President Trump began informing trade partners, including leading suppliers such as Japan and South Korea, about the imminent tariff hikes scheduled for August 1. Although an opportunity for extension was mentioned, the markets were shaken, causing a dip in the yen and the South Korean won by approximately 1% overnight.
Tokyo and Seoul are actively negotiating with the U.S. to reach beneficial trade deals, as both currencies continue to slump. Meanwhile, the euro and sterling made modest gains as investors cautiously navigate the turbulent trade environment.
(With inputs from agencies.)
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