By Elisabeth Buchwald, NCS
(NCS) — President Donald Trump introduced on Monday he’s raising tariffs on items from South Korea to 25% from 15%.
“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%,” Trump wrote in a Truth Social put up.
It’s unclear when the brand new tariffs would take impact. The White House didn’t instantly reply to NCS’s request for remark.
Seoul plans to “respond calmly” and convey “its willingness to fulfill the tariff agreement” to the US,” presidential spokesperson Kang Yoo-jung mentioned in an announcement on Tuesday.
But Korean officers are actually dashing to meet Trump administration officers in particular person. The nation’s trade minister has moved up a scheduled US journey and can meet with Trade Representative Jamieson Greer within the coming days, Kang mentioned, whereas the trade minister can even add a visit to the US to meet Secretary of Commerce Howard Lutnick, as soon as he concludes his present Canada go to.
South Korea’s benchmark index, Kospi, sunk over 1% earlier than rebounding in early hours of buying and selling on Tuesday. Hyundai, the nation’s vehicle large, plunged greater than 2.2% as of 9:47 am native time.
South Korea is among the United States’ prime sources of international items, transport $132 billion value of products to the nation in 2024, in accordance to Commerce Department knowledge. Top exports to the US embody vehicles and automotive elements in addition to semiconductors and electronics. These items are vulnerable to getting dearer from the upper levies.
Trump introduced a trade agreement with South Korea in July that prevented tariffs on items from the nation from going from 10% to 25%. The agreement additionally known as for preferential charges on imported vehicles, amongst different items.
Trump’s means to enhance across-the-board tariffs on items from South Korea or different international locations may very well be hindered by the result of a landmark tariff case at the moment earlier than the Supreme Court.
The case will decide whether or not Trump had the authorized authority to impose country-specific sweeping tariffs. If the justices facet towards the administration, Trump would seemingly not find a way to instantly change tariff charges for all items coming from particular international locations.
Trump’s announcement follows a string of latest tariff threats, together with a 100% tariff on Canadian goods and a further 10% levy on international locations opposed to his Greenland ambitions, the latter of which he walked again.
NCS’s Gawon Bae and John Liu contributed reporting.
This story has been up to date with further context and developments.
The-NCS-Wire
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