Japan and South Korea have until Aug. 1 to agree new trade terms with the U.S., or face 25% “reciprocal” tariffs. The two Asian countries share vulnerabilities that put them in President Trump’s crosshairs,

Later, Trump announced 25% tariffs on Malaysia and Kazakhstan, 30% on South Africa and 40% on Laos and Myanmar. The rate for South Korea is the same as Trump initially announced on April 2, while the rate for Japan is one point higher.