"WASHINGTON (AP) President Donald Trump said Monday he is increasing tariffs on South Korean goods because the country's national assembly has yet to approve the trade framework announced last year. 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 threat was a reminder that the tariff drama unleashed last year by Trump is likely to be repeated again and again this year. The global economy and U.S. voters might find the world's trade structure constantly being subject to disruption and new negotiations as Trump has already sought to levy tariffs in order to bend other nations to his will."
"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 increases in U.S. tariffs on South Korean goods, citing the South Korean national assembly's failure to approve a previously announced trade framework. The increases target autos, lumber and pharmaceutical drugs, and raise rates on other goods from 15% to 25%. Trump previously imposed tariffs by declaring an economic emergency and bypassing Congress. He has linked tariffs to commitments by South Korea to invest about $350 billion in the U.S., including revitalizing shipyards. Relations with South Korea have been strained at times, and the move reflects a broader pattern of using tariffs to press trading partners.
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