WASHINGTON: US President Donald Trump announced a decision on Monday to raise tariffs on some South Korean imports over the failure by Sout...
WASHINGTON: US President Donald Trump announced a decision on Monday to raise tariffs on some South Korean imports over the failure by South Korea’s legislators to enact a bilateral trade deal with the United States.
"Because the [South] 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%," the US leader wrote on his Truth Social media platform. He accused South Korea’s National Assembly of "not living up to its deal with the United States."
"Our trade deals are very important to America. In each of these deals, we have acted swiftly to reduce our Tariffs in line with the transaction agreed to. We, of course, expect our trading partners to do the same," Trump emphasized.
Last year, the US leader said his government had secured a $350 billion investment pledge from the Republic of Korea. South Korea would invest $200 billion in cash in the United States in phased installments capped at $20 billion a year, with the remaining $150 billion to be spent on shipbuilding. In exchange, the United States agreed to lower tariffs on South Korean cars from 25% to 15%. Trump also said he would allow Seoul to acquire a nuclear submarine capability. The submarines will be constructed in Philadelphia, he explained.
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