US EditionTrump says he is raising tariffs on certain South Korean imports
Trump raised tariffs to 25% citing South Korea's delay in approving a $350 billion investment trade deal, affecting autos, lumber, and pharmaceuticals, risking higher costs for U.S. firms.
- On Monday in Washington, U.S. President Donald Trump announced tariffs on South Korean autos, lumber and pharmaceuticals will rise to 25%, raising "all other Reciprocal TARIFFS" as well.
- Citing delays in parliamentary approval, the administration noted Trump said the increase responds to South Korea's legislature not enacting the bilateral trade and investment framework reached last year.
- Investors in Seoul reacted immediately, with the KOSPI initially falling 1.19% before reversing, Hyundai Motor down 0.5%, and Kia also declining.
- The Blue House convened emergency talks and announced Trade Minister Kim Jung-kwan will travel to Washington soon, but the Trump administration has not issued formal notices or set a tariff start date.
- Auto exports and the $350 billion investment pledge mean the auto industry accounts for 27 percent of exports to the U.S. and risks losing advantage to Japan and the European Union with 15% tariffs.
310 Articles
310 Articles
Trade Tensions Escalate: Trump Targets South Korean Imports
Trade Tensions Escalate: Trump Targets South Korean Imports In a surprising move, U.S. President Donald Trump declared an increase in import tariffs on South Korean products, including autos, to 25%. The announcement, made via social media, was reportedly due to South Korea's parliament failing to uphold parts of a bilateral trade agreement, as reported by Yonhap News.Trump's decision has caught South Korean officials off guard, leaving them scr…
Direct Democracy as a Risk in the Customs Dispute: South Korea Promises Nothing Good for Switzerland
US President Donald Trump imposes additional tariffs on South Korea because the country has not yet ratified the customs deal. Switzerland could do the same – even if an American delegation soon arrives in Bern.
US President Donald Trump's tariff war continues. On Monday, he announced that South Korea had not fulfilled a trade agreement, and therefore he would not honor what he had agreed to with Seoul. Instead of the originally agreed 15 percent, he decided to increase tariffs on goods from South Korea to 25 percent.
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