FX.co ★ Trump Raises US Tariffs on South Korea Imports to 25%

President Donald Trump announced on Monday an increase in tariffs on South Korean goods, raising them to 25% from the previous 15%. This decision was attributed to delays by the South Korean legislature in ratifying a trade agreement with the United States. It is yet to be confirmed if this change is currently in effect. Through a social media post, Trump specified that the tariff hike would affect a variety of products, including automobiles, lumber, pharmaceuticals, and other goods subject to reciprocal tariffs. He explained that the South Korean lawmakers' failure to enact what he described as a "historic trade agreement" prompted his decision, as reported by Reuters. In July, Trump announced a trade deal with South Korea which had initially prevented the escalation of tariffs on its goods from 10% to 25%. As of Reuters' last update, there have been no immediate responses from South Korea's presidential office or the US Trade Representative.