"In a post on social media, the US president said the tariffs paid on South Korean exports into America would rise from 15% to 25% because the Korean Legislature hasn't enacted our Historic Trade Agreement, which is their prerogative. South Korea's Legislature is not living up to its Deal with the United States, Trump said. The administration has yet to issue formal notices to enact the changes."
"Trump's apparent about-face comes months after Washington and Seoul struck a trade and security deal last year, capping a period of tense negotiations. The agreement was finalised after Trump met his South Korean counterpart, Lee Jae Myung, in October, and included investment promises by South Korea alongside tariff cuts by the US. Since then, however, the deal has remained in something of a legal limbo in South Korea."
Donald Trump announced that tariffs on South Korean exports to the United States will increase from 15% to 25%, citing failure by the Korean Legislature to enact a historic trade agreement. The announced targets include automobiles, lumber and pharmaceuticals, prompting Korean carmaker shares to tumble. The US administration has not yet issued formal notices to implement the tariff changes. South Korea's presidential office reported no prior notice and said trade minister Kim Jung-kwan would travel to Washington to hold talks with US commerce secretary Howard Lutnick. The 2024 agreement had reduced US auto tariffs from 25% to 15% and included South Korean investment commitments, but it remains in legal limbo in Seoul.
Read at www.theguardian.com
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