Trump threatens to raise South Korea tariffs to 25%

President Trump said on Monday he would raise tariffs on South Korean exports, including cars, faulting Korea’s National Assembly for not approving a trade deal with the United States quickly enough. In a post on Truth Social, Mr. Trump wrote: "Because the Korean Legislature hasn’t enacted our Historic Trade Agreement, which is their prerogative, I am hereby increasing South Korean TARIFFS on Autos, Lumber, Pharma, and all other Reciprocal TARIFFS, from 15% to 25%." As of Monday evening, the White House had not yet issued an executive order to put the change in tariffs into effect.

Mr. Trump had imposed a 25 percent tariff on all South Korean exports last year, then agreed to lower that to 15 percent in a framework trade deal he announced with President Lee Jae Myung in July; the two governments continued to spar over details, including a commitment by South Korea to invest in the United States.

The Korean government confirmed in October that it had reached an agreement with the United States on the deal’s details, saying it had agreed to invest up to $20 billion a year while setting aside another $150 billion to invest in American shipbuilding operations. To implement the trade deal, South Korea was required to pass the bill through its National Assembly.

The Trump administration has announced limited trade deals with more than 10 countries, though some of those deals have fallen into trouble. A trade framework with the European Union was put on pause recently after Mr.

Key Topics

Business, Donald Trump, South Korea, Lee Jae Myung, National Assembly, Trade Deal