US President Donald Trump has announced that he is raising customs duties on imports from South Korea from 15% to 25%, writes CNN.
"Because the Korean Legislature has not passed our Historic Trade Agreement, which is their prerogative, I am raising the rate of tariffs on autos, lumber, pharmaceuticals and all other reciprocal tariffs from South Korea to 25%," Trump wrote on Truth Social. It is not clear when the new tariffs will come into force.
Seoul plans to "react calmly" and "express readiness to implement the tariff agreement with the United States," South Korean presidential spokesman Kang Yoo-jung said. South Korea is a major source of foreign goods for the United States, shipping $132 billion in goods to the United States in 2024, according to the Commerce Department.
