US Tariffs on South Korea: US President Donald Trump announced an increase in tariffs on several South Korean goods, raising them from the previous 15 percent to 25 percent. Making the announcement, Trump said that Korea had not ratified our historic trade agreement, which is their prerogative, therefore, the South Korean tariffs on automobiles, lumber, pharmaceuticals, and all other reciprocal tariffs have been increased from 15% to 25%.
US Tariffs on South Korea
This decision comes at a time when South Korea remains one of the United States’ major sources of imported goods. According to Commerce Department data, South Korea exported $132 billion worth of products to the U.S. in 2024. Key shipments include automobiles and auto parts, as well as semiconductors and electronics, sectors where prices may now rise due to the increased tariffs. This tariff increase reverses a trade agreement announced in July, when Trump said the U.S. would impose a uniform 15 percent tariff on goods imported from South Korea, which was 10 percentage points lower than the tariff he had previously threatened.
US Tariffs on South Korea Imports
This tariff increase reverses a trade agreement announced in July, when Trump said the U.S. would impose a uniform 15 percent tariff on goods imported from South Korea, which was 10 percentage points lower than the tariff he had previously threatened. Under that agreement, Trump also stated that South Korea had agreed to provide the United States with $350 billion for investments owned and controlled by the United States, which I, as President, have selected.
Trump Tariff News
Trump’s latest move comes after at least three tariff threats issued by his administration that were not implemented, including a proposed 10 percent tariff on Canada following Ontario’s anti-tariff World Series advertisement, potential tariffs on European countries over Greenland, and a proposed 100 percent tariff on Canada announced on Saturday.
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