ByWilliam Pesek,
Senior Contributor.
If you think you’re having a rough week, spare a thought for South Korean President Lee Jae Myung. His economy is the latest reminder of the dangers of making a deal with Donald Trump.
In August, the U.S. president and Seoul agreed to a 15% tariff rate. Two months later, in October, Trump visited South Korea, where he and Lee affirmed the tariff arrangement.
This week, an impatient Trump suddenly decided to up the tariff to 25%. The reason, ostensibly, is that South Korea’s parliament isn’t acting fast enough to enact the agreement.
