403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Trump Raises Tariffs on South Korean Goods
(MENAFN) President Donald Trump revealed an abrupt hike in tariffs on major South Korean products, such as cars, timber, and medicines, lifting import taxes from 15% to 25%.
The move, disclosed on Monday through his Truth Social account, openly faults South Korea’s parliament for not approving a “historic” trade and investment pact concluded with President Lee Jae Myung in October 2025.
According to Trump, the United States had promptly lowered its own tariffs under the agreement, but Seoul failed to honor its side of the arrangement, prompting Washington to impose the tougher penalties.
“President Lee and I reached a Great Deal for both Countries... Why hasn’t the Korean Legislature approved it?” Trump wrote.
South Korea’s presidential office responded by saying it had not yet been formally informed by U.S. authorities and added that the country’s trade minister would soon head to the United States for urgent talks.
At the heart of the dispute is an agreement initially unveiled in July 2025, which proposed cutting U.S. tariffs from 25% to 15% in return for major South Korean commitments, including a promise to invest $350 billion in the American economy.
The agreement, however, has remained stuck in South Korea’s National Assembly, where it continues to face intense political and economic examination.
The move, disclosed on Monday through his Truth Social account, openly faults South Korea’s parliament for not approving a “historic” trade and investment pact concluded with President Lee Jae Myung in October 2025.
According to Trump, the United States had promptly lowered its own tariffs under the agreement, but Seoul failed to honor its side of the arrangement, prompting Washington to impose the tougher penalties.
“President Lee and I reached a Great Deal for both Countries... Why hasn’t the Korean Legislature approved it?” Trump wrote.
South Korea’s presidential office responded by saying it had not yet been formally informed by U.S. authorities and added that the country’s trade minister would soon head to the United States for urgent talks.
At the heart of the dispute is an agreement initially unveiled in July 2025, which proposed cutting U.S. tariffs from 25% to 15% in return for major South Korean commitments, including a promise to invest $350 billion in the American economy.
The agreement, however, has remained stuck in South Korea’s National Assembly, where it continues to face intense political and economic examination.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment