United States President Donald Trump has announced that he is hiking tariffs on South Korean exports, accusing the East Asian ally of failing to ratify its trade deal with Washington fast enough.
In a post on Truth Social on Monday, Trump said he is “hereby increasing” tariffs from 15 percent to 25 percent over the failure of South Korea’s legislature to ratify the trade pact struck between Washington and Seoul last year.
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South Korea says it had not been given official notice of the decision to raise tariffs on some of its goods, and wanted urgent talks with Washington over the issue.
ReplyDeleteThe following month, the two countries agreed that the US would reduce tariffs on some products once South Korea started the process to approve the deal.
ReplyDeleteThe agreement was submitted to South Korea's National Assembly on 26 November and is currently being reviewed. It is likely to be passed in February, according to local media.
Tariffs are paid by companies who import products. In this case, US firms will pay a 25% tax on goods they buy from South Korea.