US President Donald Trump announced an increase in import tariffs on products from South Korea by 10%. This decision was made amid delays in the ratification of a bilateral trade agreement by the Korean parliament.
This is reported by Finway
Reasons for the Tariff Increase
According to Trump’s statement, the South Korean parliament has yet to ratify the new trade agreement with the United States, despite the agreements reached between the countries. The new tariffs will affect categories of goods such as automobiles, timber, pharmaceuticals, and others, raising their rate from 15% to 25%.
“Since the Korean parliament has not approved our historic trade agreement, which is within its powers, I am raising tariffs on automobiles, timber, pharmaceuticals, and other tariffs from 15% to 25%,” Trump wrote on the social media platform Truth Social.
Washington’s Position on Trade Relations
Donald Trump emphasized that the establishment of mutually beneficial trade agreements is a key element of US policy. He noted that during previous negotiations with South Korean President Lee on July 30 of last year, an agreement was reached regarding the terms of the new deal, which were confirmed during the visit of the American delegation to Korea on October 29.
Trump stressed that the US has always honored its commitments, gradually lowering tariffs in accordance with the agreed agreements. At the same time, he highlighted the importance of reciprocity from trade partners and expects South Korea to approve the relevant agreements as soon as possible.