US President Donald Trump has introduced he’s elevating tariffs on South Korean imports to 25% after accusing Seoul of “not living up” to a commerce deal reached final yr.
In a submit on social media, Trump stated he would improve levies on South Korea from 15% throughout a spread of merchandise together with cars, lumber, prescription drugs and “all other Reciprocal TARIFFS”.
The two international locations reached a deal final October, which included a pledge from South Korea to take a position $350bn (£256bn) within the US, a few of which might go to shipbuilding.
Trump stated South Korean lawmakers have been sluggish to approve the deal whereas “we have acted swiftly to reduce our TARIFFS in line with the Transaction agreed to”.
Tariffs are paid by firms who import merchandise. In this case, US corporations pays a 25% tax on items they purchase from South Korea.
Trump has incessantly used tariffs as leverage to enact international coverage throughout his second time period within the White House.
On Saturday, he threatened Canada with a 100% tariff if it struck a commerce cope with China.
Before that, Trump stated he would impose import taxes on eight international locations – together with the UK – who opposed US plans to grab Greenland, an autonomous territory within the Kingdom of Denmark which is a member of Nato.
He later backed down from the tariff risk over Greenland citing progress in the direction of a “future deal” over the island, however the episode strained US relations with Denmark and different Nato allies.
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