Donald Trump has said he will impose 25 per cent tariffs on imports of goods from Japan and South Korea, in an announcement that sent US stocks sliding. The president on Monday said the new levies on both countries would come into effect on August 1. Trump has vowed to announce tariff rates for dozens of other trading partners in coming days.

President Trump said Japan and South Korea would face tariffs of 25 percent unless they reached an agreement with the United States. Other countries received notice of higher levies.

Asian shares are mostly higher after stocks fell on Wall Street as the Trump administration stepped up pressure on trading partners to make deals before punishing tariffs imposed by the U.S. take effe

Financial markets are on edge about higher import taxes, but White House officials say they anticipate “a lot of deals very quickly.”

President Trump said the U.S. will impose steep levies on imports from 14 countries starting next month, heightening pressure on trading partners.