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The reaction from financial markets was muted. Benchmarks fell in Asia, with South Korea’s Kospi dropping nearly 4% after the tariff rate for the U.S. ally was set at 15%. The U.S. dollar weakened against the Japanese yen, trading at more than 150 yen per dollar.
U.S. President Donald Trump’s new tariff rates of up to 41% on U.S. imports from dozens of countries drew expressions of relief Friday from some countries that negotiated a deal or managed to whittle them down from rates announced in April.
Others expressed disappointment or frustration over running out of time after hitting Trump’s Aug. 1 deadline for striking deals with America’s trading partners.
The reaction from financial markets was muted. Benchmarks fell in Asia, with South Korea’s Kospi dropping nearly 4% after the tariff rate for the U.S. ally was set at 15%. The U.S. dollar weakened against the Japanese yen, trading at more than 150 yen per dollar.
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Worries on Wall Street about a weakening economy were heavily reinforced by Friday’s sharply lower-than-expected report on U.S. job growth. Labor Department revisions shaved a stunning 258,000 jobs off May and June payrolls.