U.S. President Donald Trump announced that he has raised tariffs on automobiles, lumber, pharmaceuticals, and all other reciprocal duties imposed on South Korea from 15 percent to 25 percent, citing delays in implementing a trade agreement between the United States and South Korea. South Korean officials said they are trying to understand the background behind Trump’s remarks.
Speaking last night, Trump said the tariffs were increased because the trade agreement had not been put into effect.
South Korea’s Trade Minister Yeo Han-koo said the South Korean government is “still trying to understand the background of President Trump’s post regarding the tariffs and the measures Seoul can take.”
Yeo added that he plans to visit the United States in the near future and meet with his counterpart at the Office of the U.S. Trade Representative in an effort to find a rational solution between the two governments.
Trump said, “Because the Korean Parliament did not put our historic trade agreement into effect — which is their prerogative — I am raising tariffs on automobiles, lumber, pharmaceuticals, and all other reciprocal tariffs on South Korea from 15 percent to 25 percent.”
In November, South Korea’s presidential office in Seoul argued that the agreement was not a legally binding document but a memorandum of understanding and therefore did not require parliamentary approval.