United States President Donald Trump is set to impose 25 percent tariffs on two key US allies, Japan and South Korea, beginning on August 1 as the administration’s self-imposed deadline for trade agreements of July 9 nears without a deal in place.

President Trump on Monday said the U.S will impose 25% tariffs on goods from South Korea and Japan by August 1, while also threatening to hit five other nations with import duties of up to 40% by next month.