Summary
President Donald Trump announced he plans to increase tariffs on South Korean exports from 15% to 25%. He claims this is because South Korea has not ratified their trade deal quickly enough. The tariffs will affect various goods, including cars, lumber, and pharmaceuticals.
Key Facts
- President Trump intends to increase tariffs on South Korean exports to 25%.
- The current tariff is 15%, agreed upon as part of a trade deal last year.
- Trump made the announcement on the social media platform Truth Social.
- The tariff hike targets products such as automobiles, lumber, and pharmaceuticals.
- The South Korean legislature has not yet approved the trade deal.
- The White House has not yet made the tariff increase official with an executive order.
- The U.S. and South Korea reached a trade agreement in July to lower tariffs to 15%.
- Trump discussed trade with South Korean President Lee Jae-myung during an international forum in October.
