US Tariffs on South Korean Autos and Pharma to Reach 25 Percent

US President Donald Trump has announced plans to increase tariffs on South Korean automobiles and pharmaceuticals to 25% if a trade deal is not approved. The announcement was made in response to the delay in approval.

The US president stated that South Korea is “not living up” to its commitments under the trade agreement. As a result, he has decided to broaden his tariff threats to include the country.

This move comes after Trump previously threatened to increase tariffs on Canada and China over disagreements with their respective trade deals.

The US Trade Representative’s office has confirmed that the 25% tariff rate will apply to certain South Korean products, including automobiles and pharmaceuticals. The exact details of the tariffs are yet to be announced.

The development is a significant escalation in the ongoing trade tensions between the US and South Korea.

Source: Google News World