Tariffs on Korean goods raised to 25%

U.S. President Donald Trump has unexpectedly announced on his social media that he would be raising tariffs for Korea from 15% to 25%. He vowed to raise tariffs on automobiles and lumber as well as reciprocal tariffs on all Korean-made products.

Trump said the U.S. has swiftly cut tariffs under trade agreements, and that he expected America’s trading partners to do the same. He pointed out that the Korean National Assembly is not living up to the agreement between Seoul and Washington, which is the reason behind his decision to raise the tariffs.