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.

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 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.