Trump says he will impose new tariffs on South Korea as he criticises delays in trade deal
AI Summary
Donald Trump announced plans to raise tariffs on South Korean goods, including automobiles, lumber, and pharmaceuticals, from 15% to 25%. The reason given was the South Korean legislature's delay in enacting a trade agreement reached last year. South Korea's presidential office stated they were not informed in advance and will send their trade minister to Washington for talks. The agreement, finalized after a meeting between Trump and Lee Jae Myung in October, included investment promises from South Korea and tariff cuts by the US. The deal has faced legal limbo in South Korea, with debate over whether parliamentary approval is required. The auto industry, a significant portion of South Korea's exports to the US, saw shares in carmakers initially fall after the announcement.
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