US President Donald Trump has announced an increase in tariffs on South Korean goods, raising them from 15% to 25%, citing South Korea’s legislature for failing to implement a trade agreement. In a social media post, Trump stated that the higher tariffs would affect automobiles, lumber, pharmaceuticals, and other products subject to reciprocal tariffs, though it remains unclear when the new rates will take effect.
South Korea is one of the United States’ major sources of imports, sending $132 billion worth of goods to the US in 2024, including cars, semiconductors, and electronics—all of which could see price increases as a result. The announcement effectively reverses a trade deal reached in July, which had set tariffs at 15% and included South Korea committing $350 billion toward US-controlled investments, according to Trump.
