The United States President Donald Trump declared that he would raise tariffs on goods imported from South Korea. The president made this decision because South Korea delayed its approval of the trade agreement. South Korean products faced a 15 percent tariff rate until this moment.
The Trump Administration Points to Legislative Delays
Through Trump’s Truth Social platform, the announcement reached the public. He stated that South Korea has not followed the terms of the agreement made with the United States. According to Trump, he and South Korean President Lee Jae-myung reached a trade deal last year that benefited both countries. The South Korean legislature has not yet approved the agreement according to the current situation.
Tariff Rate Increased to 25 Percent
Trump announced that the United States will increase tariffs on South Korean imports because the delay has resulted in higher tariff costs which now reach 25 percent instead of the previous 15 percent. He confirmed that the new rate will apply immediately.
Key Sectors Affected
The increased tariffs will mainly affect the automobile sector and the timber sector and the pharmaceutical sector. The White House stated that these measures are effective without delay.
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