US president says tariffs on automobiles, lumber and pharmaceuticals will rise to 25%, accusing Seoul of not living up to a trade deal struck last year
Donald Trump has said he is raising tariffs on South Korean goods including automobiles, lumber and pharmaceuticals, accusing the country of not living up to a trade deal struck last year and sending shares in Korean carmakers tumbling.
In a post on social media, the US president said the tariffs paid on South Korean exports into America would rise from 15% to 25% because the “Korean Legislature hasn’t enacted our Historic Trade Agreement, which is their prerogative”.
“South Korea’s Legislature is not living up to its Deal with the United States,” Trump said. The administration has yet to issue formal notices to enact the changes.
South Korea’s presidential office said it had not been informed about the tariff hike plans in advance. In a statement on Tuesday, it said the trade minister, Kim Jung-kwan – currently in Canada – would head to Washington for talks on the issue with the US commerce secretary, Howard Lutnick.
