US-South Korea trade tensions escalate, US lifts tariffs on South Korean goods ranging from 15% to 25%

RNE Network.

U.S. President Donald Trump has announced an increase in tariffs on South Korean imports to 25%, accusing Seoul of failing to honour an earlier trade agreement with Washington.

In a post on social media, President Trump said South Korea’s legislature was not living up to its deal with the United States, prompting him to raise tariffs from 15% to 25% on a wide range of products, including automobiles, lumber, pharmaceuticals, and other reciprocal tariffs.

Earlier, the two countries had reached an agreement covering trade and security issues. Under that deal, the U.S. had reduced tariffs on South Korean vehicles, car parts, pharmaceuticals, and other products from 25% to 15%. The agreement also called for South Korea to invest $350 billion in key U.S. sectors such as semiconductors, shipbuilding, and biotechnology.

Meanwhile, South Korea said it had not been informed in advance about the planned tariff increase.

In a statement, Seoul’s presidential office said Trade Minister Kim Jung-kwan would travel to Washington for talks on the issue with U.S. Commerce Secretary Howard Lutnick.

Shares of South Korea’s automakers recovered early losses following Trump’s tariff announcement.