South Korea, Japan receive 'Tariff Letters' from Trump, Is India next? Interestingly, Japan and South Korea both are major trade partners of the United States. Trump said the 25% tariff announced on the two countries is necessary to balance the “trade deficit”. Trump had announced “reciprocal tariffs” on a number of countries including Japan, South Korea and India on April 02, 2025, calling it “Liberation Day”. The 90-day hold on the tariffs announced by Trump on “Liberation Day” comes to end July 31, 2025.