US President Donald Trump said on Monday that he would raise tariffs on imports from South Korea, accusing the country of “not living up to its deal” with the US. Tariffs had declined to 15 per cent but, assuming his threat is carried out, will jump back to 25 per cent.
“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,” he wrote on social media.
The move comes as South Korea, Canada and other long-standing US allies and partners are increasingly willing to engage with China in the face of Trump’s turbulent “America first” policies.
The 79-year-old president previously imposed 10 per cent tariffs on South Korea after declaring an economic emergency and bypassing US Congressional approval.
Seoul, however, needed legislative approval for the framework deal announced in July, which was subsequently affirmed during Trump’s October visit to the country when he met with Chinese President Xi Jinping.
“Our Trade Deals are very important to America. In each of these Deals, we have acted swiftly to reduce our TARIFFS in line with the Transaction agreed to,” Trump said. “We, of course, expect our Trading Partners to do the same.”
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