BREAKING LIVE: US President Trump Increases Tariffs To 25% On South Korean Goods
President Donald Trump said Monday he is increasing tariffs on South Korean goods because the country’s national assembly has yet to approve the trade framework announced last year.
Trump said on social media that import taxes would be raised on autos, lumber, and pharmaceutical drugs from South Korea, with the rate on other goods going from 15% to 25%. The U.S. president previously imposed the tariffs by declaring an economic emergency and bypassing Congress, while South Korea needed legislative approval for the framework announced in July and affirmed during Trump’s October visit to the country.
“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,” Trump said. “We, of course, expect our Trading Partners to do the same.”
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