Donald Trump has said he will impose 25 per cent tariffs on imports of goods from Japan and South Korea, in an announcement that sent US stocks sliding. The president on Monday said the new levies on both countries would come into effect on August 1. Trump has vowed to announce tariff rates for dozens of other trading partners in coming days.

President Trump said Japan and South Korea would face tariffs of 25 percent unless they reached an agreement with the United States. Other countries received notice of higher levies.

President Trump says the US will impose a raft of import taxes on 14 countries after delaying his Liberation Day tariffs.

Asian shares rose Tuesday after stocks on Wall Street closed broadly lower as the White House stepped up pressure on major trading partners to make deals before punishing tariffs imposed by the U.S. take effect.

Wall Street is opening lower as the Trump administration steps up pressure on trading partners to make trade deals before a Wednesday deadline.