President Trump on Monday said the U.S will impose 25% tariffs on goods from South Korea and Japan by August 1, while also threatening to hit five other nations with import duties of up to 40% by next month.

President Donald Trump on Monday informed seven nations, including Japan and South Korea, that new tariffs of at least 25% will be imposed starting Aug. 1 on most goods sent to the United States.

President Trump has told 14 countries that they will face tariffs of at least 25 percent on Aug. 1 if they don’t reach agreements by then.