Trump says he is raising tariffs on certain South Korean imports
Tariffs on South Korean autos, lumber, and pharmaceuticals rise to 25% after Seoul's legislature delays ratifying a $350 billion investment trade deal with the U.S.
- 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.
318 Articles
318 Articles
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