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. Trump provided notice of the tariffs to begin on Aug. 1 by posting letters on Truth Social that were addressed to the leaders of the various countries. The letters warned them to not retaliate by increasing their own import taxes, or else the Trump administration would further increase import taxes. The higher tariffs could hinder economic growth, if not increase recession risks.