Trump Raises Tariffs on South Korean Imports Amid Trade Deal Dispute
Washington D.C. - U.S. President Donald Trump announced he is raising tariffs on South Korean imports to 25%, accusing Seoul of not adhering to a trade deal reached last year. The move, announced via social media, impacts a range of products including automobiles, lumber, and pharmaceuticals.
Trump stated that South Korean lawmakers have been slow to approve the deal, while the U.S. has acted swiftly to reduce its tariffs. "We have acted swiftly to reduce our TARIFFS in line with the Transaction agreed to," Trump said in his post.
The tariffs, previously at 15%, will now be applied to "all other Reciprocal TARIFFS," according to Trump. The decision briefly sent shares in Korean carmakers tumbling, according to The Guardian.
South Korea responded by stating it had not received official notice of the tariff increase and is seeking urgent talks with Washington over the matter.
The trade tensions come as the European Union and India announced a landmark trade deal after nearly two decades of negotiations. European Commission President Ursula von der Leyen, speaking at a media briefing in Delhi, called the agreement "the mother of all deals." Indian Prime Minister Narendra Modi described the pact as "historic." The deal aims to allow free trade of goods between the 27 European states and India.
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