Trump raises US tariffs on South Korea imports to 25%

US President Donald Trump announced that he will increase tariffs on South Korean imports to 25% after accusing Seoul of not complying with the trade agreement reached last year.

In a post on social media, Trump said he would increase tariffs on South Korea from 15% on a range of products, including autos, lumber, pharmaceuticals and “all other Reciprocal Tariffs.”

Trump said South Korean lawmakers were slow to approve the deal, but “we moved quickly to lower our tariffs in line with the accepted Transaction.”

South Korea said it had not been officially notified of its decision to increase customs duties on some of its goods and wanted urgent talks with Washington on the issue.

He added that South Korean Industry Minister Kim Jung-kwan, who is currently in Canada, will visit Washington as soon as possible to meet with US Commerce Secretary Howard Lutnick.

South Korea’s benchmark Kospi stock index fell on Tuesday morning but traded about 1.8% higher later in the day as shares of major exporters rebounded.

Seoul and Washington reached a deal last October that included South Korea committing to invest $350bn (£256bn) in the US, some of which will go towards shipbuilding.

The following month, the two countries agreed that the United States would lower tariffs on some products after South Korea began the process of ratifying the agreement.

The agreement was submitted to the South Korean National Assembly on November 26 and is currently under review. According to local media reports, the law is likely to be passed in February.

Tariffs are paid by companies that import the products. In this case, US companies will pay 25 percent tax on the goods they buy from South Korea.

Trump frequently used tariffs as leverage to enact foreign policy during his second term in the White House.

On Saturday, he threatened Canada with 100% tariffs if it strikes a trade deal with China.

Chinese officials on Monday said the “strategic partnership” agreement with Canada was not meant to undermine other countries.

Canadian Prime Minister Mark Carney said his country is not pursuing a free trade agreement with China and has “never” considered it.

He added that Canadian officials have made their positions clear to their American counterparts.

Before this, Trump announced that he would impose import duties on eight countries, including the UK, that oppose US plans to seize Greenland, an autonomous region affiliated with the NATO member Kingdom of Denmark.

He later backed off his threat of tariffs on Greenland, citing progress toward a “future agreement” on the island, but the incident strained U.S. relations with Denmark and other NATO allies.