4Photo© indiatoday.inTrump raises tariffs on South Korean autos, pharmaceuticals to 25%, says Seoul not honouring trade deal
US President Donald Trump on Monday said tariffs on a broad range of South Korean imports would be raised to 25 per cent, up from the existing 15 per cent. This raise would be imposed on automobiles, lumber, and pharmaceuticals.
Trump said the decision was prompted by what he described as the South Korean legislature’s failure to uphold commitments under an existing trade agreement with the United States.
The announcement was made on Truth Social, where Trump wrote, "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%." There was no immediate clarity on whether the higher duties have already taken effect.
