WASHINGTON (AP) — President Donald Trump said Monday he is increasing tariffs on South Korean goods because the country’s national assembly has yet to approve the trade framework announced last year.
Trump said on social media that import taxes would be raised on autos, lumber and pharmaceutical drugs from South Korea with the rate on other goods going from 15% to 25%. The U.S. president previously imposed the tariffs by declaring an economic emergency
and bypassing Congress, while South Korea needed legislative approval for the framework announced in July and affirmed during Trump's October visit to the country.
“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,” Trump said. “We, of course, expect our Trading Partners to do the same.”
The threat was a reminder that the tariff drama unleashed last year by Trump is likely to be repeated again and again this year. The global economy and U.S. voters might find the world's trade structure constantly being subject to disruption and new negotiations as Trump has already sought to levy tariffs in order to bend other nations to his will.
Just last week, the president threatened tariffs on eight European nations unless the U.S. gained control of Greenland, only to pull back on his ultimatum after meetings at the World Economic Forum in Davos, Switzerland. Trump on Saturday said he would put a 100% tax on goods from Canada if it followed through with plans to bolster trade with China.
Trump has bragged about his trade frameworks as drawing in new investment to the U.S., yet many of his heavily hyped deals have yet to be finalized. The European Parliament has yet to approve a trade deal pushed by Trump that would put a 15% tax on the majority of goods made by the EU's 27 member states.
The United States is poised this year to renegotiate its amended 2020 trade pact with Canada and Mexico.
