"Trump said on social media that import taxes would be raised on autos, lumber and pharmaceutical drugs from South Korea with the rate on other goods going from 15% to 25%. The U.S. president previously imposed the tariffs by declaring an economic emergency and bypassing Congress, while South Korea needed legislative approval for the framework announced in July and affirmed during Trump's October visit to the country."
"Trump has in the past tied his tariffs to commitments by South Korea to invest $350 billion in the U.S. economy over several years, including efforts to revitalize American shipyards. But the Trump administration's relations with South Korea have at times been rocky with the raid last year by immigration officials at a Hyundai manufacturing site in Georgia that caused 475 people to be detained."
President Donald Trump announced tariff increases on South Korean goods because South Korea's national assembly has not approved a previously announced trade framework. Import taxes on autos, lumber and pharmaceutical drugs will be raised and the rate on other goods will increase from 15% to 25%. The tariffs were initially imposed by declaring an economic emergency and bypassing Congress. South Korea sought legislative approval for the framework announced in July and affirmed during Trump's October visit. Trump linked tariffs to commitments including $350 billion in South Korean investment and U.S. shipyard revitalization. Bilateral relations were strained by an immigration raid at a Hyundai site that detained 475 people. South Korea's presidential office said the U.S. has not officially notified it and is arranging talks between South Korean and U.S. officials.
Read at Fortune
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