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US President Donald Trump on Monday (local time) announced an increase in tariffs on a wide range of South Korean goods, raising them to 25 per cent from the previous 15 per cent.
Announcing the move on Truth Social, Trump said, "Because the Korean Legislature hasn't enacted our Historic Trade Agreement, which is their prerogative, I am hereby increasing South Korean TARIFFS on Autos, Lumber, Pharma, and all other Reciprocal TARIFFS, from 15% to 25%." It remains unclear whether the revised tariff rates have already come into force. https://truthsocial.com/@realDonaldTrump/115963633972056786 The decision comes as South Korea remains one of the United States' leading sources of imported goods, exporting USD 132 billion worth of products to the US in 2024, according to Commerce Department data. Major shipments include automobiles and auto parts, along with semiconductors and electronics, sectors that could now face higher prices due to the increased duties. The tariff hike marks a reversal from a trade agreement announced in July, when Trump said the US would apply a uniform 15 per cent tariff on goods imported from South Korea, a rate that was 10 percentage points below what he had earlier threatened. As part of that agreement, Trump also said South Korea had agreed to "give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President." Trump's latest move follows at least three earlier tariff warnings by his administration that were not implemented, including a proposed 10 per cent levy on Canada after Ontario's anti-tariff World Series advertisement, potential tariffs on European nations over Greenland, and a 100 per cent duty on Canada that was floated on Saturday. The escalation also comes amid legal scrutiny of Trump's trade powers. The US Supreme Court heard arguments in November in a challenge to tariffs imposed by Trump without congressional approval, with several justices questioning whether he had the authority to introduce such measures unilaterally. The court has not yet delivered a ruling in the matter. (ANI)
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