Tariffs on South Korean autos, pharma, to rise to 25%

President Donald Trump mentioned Monday that he was growing tariffs on imported autos, prescribed drugs, and lumber from South Korea from 15% to 25% due to a delay in that nation’s legislature approving a commerce cope with america reached final summer time.

Hyundai Motor shares fell by greater than 4% on the heels of the information. South Korean-based automaker Hyundai is the most important importer of latest automobiles from that nation into america.

“South Korea’s Legislature will not be residing as much as its Cope with america,” Trump mentioned in a Reality Social publish.

“President Lee [Jae Myung] and I reached a Nice Deal for each Nations on July 30, 2025, and we reaffirmed these phrases whereas I used to be in Korea on October 29, 2025. Why hasn’t the Korean Legislature authorized it?” Trump requested.

“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%,” he wrote.

CNBC has requested remark from South Korea’s embassy in Washington, D.C., on Trump’s announcement.

Reuters reported that South Korea’s presidential Blue Home mentioned that the united statesgovernment had not formally notified South Korea of the tariff hike. The information outlet additionally reported that South Korea’s presidential adviser would maintain a gathering with associated ministries to debate measures associated to the rise.

South Korea is among the greatest exporters of products to america.

The U.S. imported $131.6 billion in items from South Korea in 2024, in line with the Workplace of the U.S. Commerce Consultant.

Within the commerce deal introduced in July, Trump mentioned the U.S. would impose blanket tariffs of 15% on imports from South Korea, 10 proportion factors decrease than the extent he had threatened earlier that very same month.

Trump additionally mentioned on the similar time that South Korea had agreed to “give to america $350 Billion {Dollars} for Investments owned and managed by america, and chosen on my own, as President.”

The U.S. Supreme Court docket in November heard arguments in a case difficult the legality of Trump’s unilaterally imposed tariffs, with justices expressing skepticism that he had the facility to levy such duties with out authorization of Congress.

The Supreme Court docket has but to problem its choice in that case.