US EditionTrump says he is raising tariffs on certain South Korean imports
President Trump raised tariffs on South Korean autos, lumber, and pharmaceuticals from 15% to 25%, citing South Korea's legislature delay on a 2025 bilateral trade deal, with $132 billion in annual exports at risk.
- 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.
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296 Articles
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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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