[ad_1]
Nationwide International Commerce Council president Jake Colvin discusses overseas relations beneath the Trump administration on ‘The Claman Countdown.’
President Donald Trump stated Monday that he was growing tariffs on South Korean imports of autos, lumber and prescribed drugs to 25%, accusing Seoul of “not residing up” to its commerce deal.
“Our commerce offers are essential to America. In every of those offers, we now have acted swiftly to cut back our TARIFFS in step with the transaction agreed to,” Trump wrote in a Fact Social put up.
“We, in fact, anticipate our buying and selling companions to do the identical,” he added, saying that South Korea’s legislature had not permitted the commerce settlement.
SOUTH KOREA TO INVEST $350B IN US UNDER NEW TRUMP TRADE AGREEMENT
President Donald Trump stated he would increase tariffs again as much as 25% on South Korea following delays in an agreed commerce deal. (Anthony Wallace/AFP/Getty Pictures)
“As a result of the Korean Legislature hasn’t enacted our historic commerce settlement, which is their prerogative, I’m hereby growing South Korean TARIFFS on Autos, Lumber, Pharma, and all different Reciprocal TARIFFS, from 15% to 25%,” Trump added.
The South Korean Embassy in Washington, D.C., didn’t instantly reply to Fox Information Digital’s request for remark.
A COMPLETE TIMELINE OF TRUMP’S TARIFF IMPLEMENTATION STRATEGY ACROSS THE GLOBE
Hyundai autos are loaded on a ship at a port close to the corporate’s Ulsan plant in Ulsan, South Korea, on March 30, 2025. (SeongJoon Cho/Bloomberg/Getty Pictures)
The transfer matches into Trump’s broader second-term technique of utilizing tariffs as leverage to implement commerce compliance moderately than as non permanent negotiating instruments.
The transfer comes because the Trump administration awaits a Supreme Court docket ruling on whether or not among the commerce duties imposed in 2025 exceeded presidential authority, a choice that might have broad implications for present tariff actions.
CLICK HERE TO GET FOX BUSINESS ON THE GO
President Donald Trump, at proper, and South Korean President Lee Jae-myung agreed to a commerce deal in 2025. (Chip Somodevilla/Getty Pictures)
Tariffs are taxes levied on imported items. Though they’re paid by firms on the border, the prices are sometimes handed alongside via increased costs, leaving customers to bear a lot of the burden.
It stays unclear when the upper tariffs will take impact or how South Korea might reply.
[ad_2]
