US President Trump Announces Tariff Increase on South Korean Imports

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

In a statement posted on Truth Social on Monday, US President Donald Trump announced that he is increasing tariffs on South Korean exports from 15% to 25%. The higher tariff rate will apply to automobiles, lumber, pharmaceutical products, and other goods covered under his baseline “reciprocal” tariff. Trump stated that the decision was made due to South Korea’s legislature failing to ratify its trade deal with Washington in a timely manner.

The White House has not yet issued an executive order formalizing the higher tariffs. In response, South Korea’s presidential office, Cheong Wa Dae, said it had not received any notification from the US side regarding the tariffs. A meeting is scheduled for Tuesday to discuss Trump’s announcement, with Director of National Policy Kim Yong-beom and Minister of Trade Kim Jung-Kwan set to attend.

The US and South Korea signed a framework trade deal in July, under which Trump agreed to lower his reciprocal tariff on South Korean goods from 25% to 15%. The agreement also included an investment commitment by Seoul of $350 billion in key US industries. A related bill has been pending in the National Assembly since November.

The move has raised concerns for South Korea’s economy, which relies heavily on exports and has experienced flagging growth in recent years. In 2025, the country’s economy grew 1% after contracting 0.3% in the final quarter, marking its weakest performance since 2020.

Source: Al Jazeera