Summary
President Donald Trump announced a decision to raise tariffs on products from South Korea to 25%. This action follows claims that South Korea did not follow through on a trade deal made last year, which included promises of investment in the U.S.
Key Facts
- President Trump increased tariffs on South Korean imports to 25%.
- The tariffs apply to products like cars, lumber, and medicine.
- This change raises the previous tariff rate from 15%.
- The increase is due to accusations that South Korea did not fulfill a trade agreement.
- The trade deal last year involved South Korea pledging $350 billion in U.S. investments.
- U.S. companies will have to pay the higher tariffs on goods imported from South Korea.
- President Trump uses tariffs as a tool to influence foreign policy decisions.
- He has threatened similar actions against other countries, such as Canada, over trade issues.
