In a widely expected decision, the Monetary Policy Board of the Bank of Korea (BOK) held its key rate steady at 2.5 percent during a rate-setting meeting in Seoul, reports Yonhap news agency

The US plans to impose a 25% tax on products entering the country from South Korea and Japan on 1 August, President Donald Trump has said. He announced the tariffs in a post on social media, sharing letters he said had been sent to leaders of the two countries.

SEOUL: South Korea's Lee administration is scrambling to take the edge off the United States' new tariffs, as the nation's top security adviser departed Seoul on Sunday (July 6) to travel to Washington and join forces with Seoul's trade minister who arrived there the day before.

President Donald Trump said on Wednesday his administration will charge Brazil with a 50% tariff on products sent to the U.S. starting August 1 while the Republican leader also expressed support for former Brazilian President Jair Bolsonaro.

Asian markets largely shrugged off Trump’s latest announcement of tariff rates on some of its trading partners, as the U.S. president also seemingly pushed the start date for new taxes to August 1. On Monday,

"America will, once again, build a DOMINANT Copper Industry," Trump said in a post on his Truth Social media platform.