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 if the change has already taken impact.
The White House did not instantly reply to NCS’s request for remark.
South Korea is one in every of the United States’ high sources of overseas items, transport $132 billion value of products to the country in 2024, in accordance to Commerce Department knowledge. Top exports to the US embrace automobiles and automobile elements in addition to semiconductors and electronics. These items are susceptible to getting dearer from the greater levies.
Trump introduced a trade agreement with South Korea in July that prevented tariffs on items from the country from going from 10% to 25%. The agreement additionally referred to as for preferential charges on imported automobiles, amongst different items.
Trump’s capability to enhance across-the-board tariffs on items from South Korea or different international locations could possibly be hindered by the consequence 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 aspect in opposition to the administration, Trump would probably not have the opportunity to instantly change tariff charges for all items coming from particular international locations.
Trump’s announcement follows a string of current 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.
This is a growing story and will likely be up to date.