Korean Air reported on Friday a fall of 4% in cargo revenue for the second quarter of its financial year, pointing to market volatility stemming from U.S. tariff policies. South Korea's largest airline is also one of Asia's largest cargo carriers and has benefited in recent years from rising volumes of e-commerce out of China.

The U.S. will put in place a 25% tariffs on imports from Japan and South Korea starting on Aug. 1, according to letters posted by President Donald Trump on his social media platform on Monday. Trump already delayed the high tariff rates against dozens of U.S. trade partners that he rolled out on April 2 until Wednesday.

Asia-Pacific markets are set to trade mixed on Thursday after U.S. President Donald Trump announced that the U.S. will slap a 50% tariff on Brazilian imports beginning August 1.

Trump has placed or threatened to levy industry-specific tariffs on many of these goods. In April, Japan was set to face a 24% tariff, while South Korea was set to face a 25% tariff.

Trump sends tariff threats to 14 countries President Trump on Monday said the U.S will impose 25% tariffs on goods from South Korea and Japan by Aug. 1, while also threatening to hit a dozen other ...

Markets may be underpricing U.S. tariff risks as global trade tensions rise and currencies react. See why investors should prepare for post-July 9 volatility.