US President Donald Trump said on Monday that he would raise tariffs on South Korean goods including autos, lumber and pharmaceuticals, taking aim at the country for “not living up to” an earlier trade pact struck with Washington.
The increase would bring tariff levels from 15 percent to 25 percent.
“South Korea’s legislature is not living up to its deal with the United States,” Trump wrote on his Truth Social platform.
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The following month, the two countries agreed that the US would reduce tariffs on some products once South Korea started the process to approve the deal.
ReplyDeleteThe agreement was submitted to South Korea's National Assembly on 26 November and is currently being reviewed. It is likely to be passed in February, according to local media.
Tariffs are paid by companies who import products. In this case, US firms will pay a 25% tax on goods they buy from South Korea.