Trump raises tariffs on products imported from South Korea to 25%

The President of the United States, Donald Trump, stated this Monday (26) that he will raise tariffs on imports from South Korea to 25%, including those linked to the automotive, timber and pharmaceutical sectors. To justify the measure, the Republican accused the Legislative of the allied country of “not complying” with the trade agreement signed with the USA. The announcement was made via social media. “Because the Korean Legislature has not approved our historic trade agreement — which is their prerogative — I am hereby increasing South Korean tariffs on automobiles, lumber, pharmaceuticals and all other reciprocal tariffs from 15% to 25%.” The Blue House, headquarters of South Korea’s presidency, did not immediately comment. South Korea had been working to implement an agreement announced with Washington in November, which provided for the reduction of US tariffs on its exports. More recently, Seoul also began talking to Washington to explain the South Korean investigation into the United States-based e-commerce company Coupang (CPNG.N), resulting from a massive data leak. Trump has used the pressure power of tariffs throughout his second term as a foreign policy instrument. Economists have raised concerns about this approach, and the policy also faces a test in an ongoing case before the U.S. Supreme Court.

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