Trump raises US tariffs on South Korean imports to 25% and blames ally for trade deal delay
Donald Trump to raise tariffs for Asian ally to 25 per cent
- Donald Trump has announced plans to increase tariffs on imports from South Korea from 15 per cent to 25 per cent, blaming the South Korean National Assembly for not ratifying a trade deal.
- The proposed tariff hike would apply to South Korean autos, lumber, pharmaceuticals, and other reciprocal tariffs, despite the White House not yet issuing an executive order.
- The trade agreement, initially reached in July and reaffirmed in October, involved South Korea committing to invest $350 billion in US businesses in exchange for reduced tariffs.
- South Korean officials expressed surprise at Trump's decision, with the Blue House affirming its commitment to implementing the deal and sending its Industry Minister to Washington for discussions.
- Sources suggest Trump's move could be a response to South Korean regulatory actions against a US-listed e-commerce company or a strategic move to exert pressure for concessions in ongoing negotiations.