United States President Donald Trump has announced plans to raise tariffs on South Korean exports, citing delays in ratifying a bilateral trade agreement.
In a post on Truth Social, Trump said tariffs would increase from 15% to 25%, blaming South Korea’s legislature for failing to approve the pact agreed last year. The higher rate would apply to automobiles, lumber, pharmaceuticals, and goods covered by Washington’s baseline “reciprocal” tariff.
South Korea’s presidential office said it had received no formal notification. Kim Yong-beom, Director of National Policy, is set to convene talks, while Trade Minister Kim Jung-kwan will travel to Washington to meet US Commerce Secretary Howard Lutnick.
Key context
• July trade framework cut tariffs to 15%
• Seoul pledged $350bn in US investment
• Ratification bill pending since November
• Exports make up 44% of South Korea’s GDP
ℹ️ Al Jazeera
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