"President Donald Trump has imposed a new 10 percent worldwide tariff after the United States Supreme Court struck down his previous trade measures, triggering immediate concern and responses from governments and markets. On Friday, Trump announced the decision on his social media platform, Truth Social, saying he has signed an executive order to impose the global tariff, which will take effect almost immediately."
"In South Korea, one of the US's closest allies, the presidential office, Blue House, has released a statement, saying the government will review the trade deal and make decisions in the national interest, casting a question mark over the agreement signed in November last year, which lowered tariffs from 25 to 15 percent in exchange for $350bn in cash and investments from South Korea in the US."
"For major South Korean companies in chemicals, pharmaceuticals, and semiconductors, the Supreme Court ruling has been positive: Even if Trump introduces the new 10 percent tariffs under Section 122, they would still pay a lower rate, said Jack Barton, an Al Jazeera correspondent in Seoul. However, exporters of automobiles, more than half of which go to the US, remain subject to the 25 percent tariff, and steel exports are still hit with 50 percent duties under Section 232, which was not affected by the ruling."
The United States Supreme Court struck down previous trade measures, and President Donald Trump responded by signing an executive order imposing a 10 percent worldwide tariff that takes effect almost immediately. Governments and markets reacted with concern, prompting reviews of existing trade agreements, tariff levels, and the legality of past duties. Officials and analysts are assessing impacts on key industries, investment plans, and negotiations while warning that uncertainty may persist until legal and trade frameworks are clarified. South Korea is reassessing a recent tariff-cut agreement amid mixed sectoral impacts on chemicals, semiconductors, automobiles, and steel.
Read at www.aljazeera.com
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