Japan's exports fell for a second straight month in June, data showed on Thursday, underscoring the mounting strain that sweeping U.S. tariffs are placing on the country's fragile economy. Japan failed to clinch a deal with the U.

On July 7, Trump announced 25% tariffs on imports from Japan and South Korea, effective August 1. He also announced separate rates for a number of other countries. On Tuesday, he said letters would be going out soon to dozens of smaller countries notifying them their goods would face a tariff rate of over 10%.