President Donald Trump on Monday set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other countries.

President Donald Trump announced on Monday that he is levying tariffs against South Korea and Japan beginning in August. Trump

The US sets reciprocal tariffs of 25% for Japan and South Korea. Both countries vowed to accelerate negotiations within three weeks.

Japanese Prime Minister Shigeru Ishiba on Tuesday said US-imposed tariffs on Japanese imports would have an impact on the country, but added that negotiations would continue.

Trump shared screenshots of letters detailing new tariff rates for over a dozen countries, allowing room for further negotiations before the renewed deadline of Aug. 1.

Asia stock markets mostly advance on Tuesday, after US President Donald Trump announced new tariff rates on 14 countries, removing some uncertainty in the market.  He also signed an executive order extending the reciprocal tariff deadline to August 1 from July 9,

Sentiment in Japan's service sector improved slightly in June, a government survey showed on Tuesday, as solid demand for summer clothing and leisure offset the gloom from U.S. tariffs.

Live updates and the latest news as Trump and Netanyahu meet at White House to discuss Iran and the U.S. sends tariff letters to trading partners.