US imposes 25% tariff on South Korean imports under Trumps order

US President Donald Trump has announced that the United States will raise its tariffs on imports from South Korea to 25%. The decision comes after Trump threatened to increase tariffs on South Korean goods, which led to a surge in South Korean stocks.

South Korea’s government is scrambling to pass a U.S. investment bill, which was previously stalled due to disagreements over trade policies. The bill aims to improve relations between the two countries and promote economic cooperation.

In response to the tariff hike, South Korean auto stocks have recovered from an early slump, with some companies seeing a boost in sales. Other industries, such as electronics and textiles, are also expected to be affected by the increased tariffs.

The move is seen as a significant escalation of tensions between the two countries, which have been at odds over trade policies for several years. The U.S. has imposed tariffs on various South Korean goods in recent months, leading to retaliatory measures from Seoul.

The decision to raise tariffs was made by Trump, who has been critical of South Korea’s trade practices and has threatened to impose further sanctions if the country does not meet his demands. The move is likely to have significant implications for the global economy and trade relationships between the two countries.

Source: Google News World