Bangla Press Desk: US President Donald Trump said Monday that he would raise tariffs on various South Korean goods, taking aim at the country for "not living up to" an earlier trade pact struck with Washington.
"Because the Korean Legislature hasn't enacted our Historic Trade Agreement, which is their prerogative, I am hereby increasing South Korean TARIFFS on Autos, Lumber, Pharma, and all other Reciprocal TARIFFS" from 15 percent to 25 percent, Trump wrote on his Truth Social platform.
The US leader's about-face comes months after Washington and Seoul struck a trade and security deal, capping months of tense negotiations.
The agreement was finalized after Trump met his South Korean counterpart Lee Jae Myung in October, and included investment promises by South Korea alongside tariff cuts by the United States.
Under the pact, Washington would maintain levies of up to 15 percent on South Korean goods including vehicles, car parts and pharmaceuticals.
Crucially, the deal's terms brought US tariffs on South Korean cars down from a 25 percent level.
Trump's latest threat, if enacted, would reverse that.
The auto industry accounts for 27 percent of South Korea's exports to the United States, which takes in nearly half of the country's car exports.
A reversal to a higher tariff level would also put South Korean exports in a less advantageous position compared with economies like Japan and the European Union, which have both struck deals for a 15 percent US tariff.
BP/SP
