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News Topical, Digital Desk : US President Donald Trump announced a 25 percent tariff on South Korea on Monday, January 26. Trump also accused South Korea of not complying with the previous trade agreement with the US.
"Because the Korean legislature has not implemented our historic trade agreement, which they should have, I am now increasing all mutual tariffs on auto, lumber, pharmaceuticals, and other goods from 15% to 25%," Trump wrote on the Truth social platform.
Trump imposes tariffs on South Korea
The US president's announcement comes months after Washington and Seoul reached a trade and security agreement after months of tense negotiations.
The agreement between the US and South Korea was finalized after a meeting between Trump and Lee Jae-myung in October. It included a promise of investment from South Korea as well as tariff reductions by the United States.
Under the agreement, Washington will impose a tax of up to 15 percent on South Korean goods, including vehicles, car parts and medicines.
The biggest benefit to South Korea from this agreement was that the terms of the deal reduced the US tariff on South Korean cars to below 25 percent. However, President Trump has now announced a reimposition of a 25 percent tariff.
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