I'm LongbridgeAI, I can summarize articles.President Trump has announced a 10% increase in tariffs on South Korean goods, raising them to 25%. This decision follows South Korea's failure to fulfill a trade agreement made last year. Trump emphasized the importance of trade deals and expressed frustration over the Korean Legislature's inaction. The new tariffs will affect various sectors, including autos and pharmaceuticals, although the implementation date has not been specified. In response, South Korea's presidential office is convening for trade discussions with U.S. officials.
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President Donald Trump announced that he is increasing tariffs on goods imported from South Korea by 10 percent to 25, because the Asian ally failed to live up to a trade agreement between the two sides last year.
"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% to 25%," Trump said in a statement posted on Truth Social Monday.
"President Lee and I reached a Great Deal for both Countries on July 30, 2025 and we reaffirmed these terms while I was in Korea on October 29, 2025," Trump said, referring to a commitment made by Seoul in July last year to invest $350 billion in the U.S. economy, including in the shipbuilding sector.
Trump asked "Why hasn't the Korean Legislature approved it?"
"Our Trade Deals are very important to America. In each of these Deals, we have acted swiftly to reduce our TARIFFS in line with the Transaction agreed to. We, of course, expect our Trading Partners to do the same," he added.
Trump did not specify when the new tariffs would come into effect.
South Korea's presidential office reportedly acted on Trump's announcement by calling an inter-agency meeting and instructing Industry Minister Kim Jung-kwan to proceed to Washngton for trade talks with U.S. Commerce Secretary Howard Lutnick.
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