US President Trump Announces Plans to Increase Tariffs on South Korean Imports

US President Announces Tariff Hike Due to South Korea’s Delayed Ratification

United States President Donald Trump has announced plans to increase tariffs on South Korean exports from 15 percent to 25 percent. The move is attributed to South Korea’s failure to ratify a trade deal with the US as agreed upon last year.

According to a post on Truth Social, Trump stated that the higher tariff rate will apply to automobiles, lumber, pharmaceutical products, and any goods covered under his baseline “reciprocal” tariff. He expressed frustration with South Korea’s legislature for not approving the trade pact in a timely manner.

The White House has yet to issue an executive order formalizing Trump’s threatened tariffs as of Monday night. The US and South Korea had previously announced a framework trade deal, which included Trump agreeing to lower his reciprocal tariff on South Korean goods from 25 percent to 15 percent.

In October, Trump agreed to extend the 15 percent tariff rate to South Korean auto exports during a summit with South Korean President Lee Jae Myung. The details of the planned tariff hike have yet to be confirmed by the White House.

Source: Al Jazeera