Trump says he will raise tariffs on South Korean goods amid trade dispute

Donald Trump said he is raising tariffs on South Korean goods, including automobiles, lumber and pharmaceuticals, accusing Seoul of not living up to a trade deal struck last year and briefly sending shares in Korean carmakers tumbling. In a post on social media the president said tariffs on South Korean exports into the US would rise from 15% to 25% because the “Korean Legislature hasn’t enacted our Historic Trade Agreement, which is their prerogative”.

The administration has yet to issue formal notices to enact the changes. South Korea scrambled on Tuesday to reassure the US it remained committed to implementing the deal after Trump and President Lee Jae Myung agreed in principle last July for Seoul to make $350bn of investments in the US.

The Blue House said it had not been informed in advance, that Lee’s chief policy aide convened an emergency meeting, and that trade minister Kim Jung-kwan – currently in Canada – would head to Washington for talks with US commerce secretary Howard Lutnick. South Korea’s trade envoy, Yeo Han-koo, said the government was still trying to figure out the background of Trump’s post and the measures Seoul could take, and planned to visit the US to speak with his counterpart at the Office of the US Trade Representative.

Key Topics

World, Donald Trump, South Korea, Lee Jae Myung, Kim Jung-kwan, Yeo Han-koo