US President Donald Trump says he will raise tariffs on South Korean cars, lumber and pharmaceuticals from 15% to 25%, citing a trade deal dispute.
WASHINGTON: US President Donald Trump has announced plans to increase tariffs on a range of South Korean goods.
In a post on Truth Social, Trump said he would raise tariffs on South Korean autos, lumber, pharmaceuticals and other items from 15% to 25%.
“South Korea‘s Legislature is not living up to its Deal with the United States,” Trump wrote.
He stated the increase was “because the Korean Legislature hasn’t enacted our Historic Trade Agreement, which is their prerogative.”
This move reverses a key part of a trade and security deal finalised in October 2024.
That agreement, struck after Trump met South Korean President Lee Jae Myung, included South Korean investment promises and US tariff cuts.
It specifically reduced US tariffs on South Korean cars from 25% to 15%.
The auto industry constitutes 27% of South Korea‘s exports to the United States.
Reverting to 25% tariffs could disadvantage South Korean exports compared to rivals like Japan and the EU.
Those economies have deals securing a 15% US tariff rate.
The Trump administration has not yet issued formal notices to enact the tariff change.
This threat follows recent warnings to other US trading partners.
Trump recently warned Canada he would impose a 100% tariff if it concludes a trade deal with China.
He also previously threatened tariffs on European nations over a potential Greenland purchase before backing down.
