Trade turbulence deepens: Trump hikes tariffs on 14 countries, including ‘allies’

U.S. President Donald Trump opened a new phase in the trade war he launched this year, telling partners, from powerhouse suppliers such as Japan and South Korea to minor players, that they face sharply higher tariffs from August 1.

The imposition of a levy of 25% on U.S. importers of all goods from key allies Japan and South Korea rattled Wall Street, with the S&P 500 Index .SPX knocked back sharply, though markets in Asia were taking the news in stride.

In letters so far to 14 countries...