Trump says he is raising tariffs on South Korea to 25%

United States President Donald Trump has threatened to hike tariffs on South Korean exports, accusing the East Asian ally of failing to ratify its trade deal with Washington fast enough.

In a post on Truth Social on Monday, Trump said he would raise his tariffs from 15 percent to 25 percent, due to the failure of South Korea’s legislature to ratify the trade pact struck between Washington and Seoul last year.
Trump said the higher tariff would apply to automobiles, lumber and pharmaceutical products, as well as any goods covered under his baseline “reciprocal” tariff.

“South Korea’s Legislature is not living up to its Deal with the United States,” Trump said.

“Why hasn’t the Korean Legislature approved it?” he added.

The White House had yet to issue an executive order giving Trump’s tariff hike legal effect as of Monday night.

South Korea’s presidential office, Cheong Wa Dae, said in statement that Seoul had not received any notification about the tariffs from the US side.

Kim Yong-beom, director of policy at Cheong Wa Dae, convened a meeting on Tuesday morning to discuss the matter, the office said.

South Korean Industry Minister Kim Jung-Kwan, who is currently in Canada, will also travel to the US immediately to hold talks with US Secretary of Commerce Howard Lutnick, according to the office.

The US and South Korea announced a framework trade deal in July, under which Trump agreed to lower his reciprocal tariff on South Korean goods from 25 percent to 15 percent.

Trump agreed to extend the 15 percent tariff rate to South Korean auto exports following his summit with South Korean President Lee Jae Myung on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum in Gyeongju, South Korea, in October.