Tariff Hike: Donald Trump hikes 25% tariffs on this Asian Country – not India, China, Or Pakistan, but…

Trump Hikes Tariffs On South Korean Goods To 25%: United States President Doland Trump on Monday stated that he would raise tariffs on a wide range of South Korean goods — raising them to 25 percent from the previous 15 percent — punishing the East Asian country for ‘not living up to’ an earlier trade agreement with Washington.

Trump Hikes Tariffs On South Korean Goods To 25%: What Did US President Say?

Trump took to Truth Social on Monday and announced about the decision. “Because the Korean Legislature hasn’t enacted our Historic Trade Agreement, which is their prerogative, I am hereby increasing South Korean TARIFFS on Autos, Lumber, Pharma, and all other Reciprocal TARIFFS, from 15% to 25%,” he wrote.

However, it is unclear whether the revised tariff rates have already come into force or if the Trump administration will impose them in the coming days.

Trump Hikes Tariffs On South Korean Goods To 25%: South Korea Among Top US Importers

It is to be noted that the East Asian country is one of America’s leading sources of imported goods. According to Commerce Department data, it exported nearly USD132 billion worth of products to US last year,

The goods that South Korea majorly exports to the US include – automobiles and auto parts, semiconductors and electronics. Now, after the imposition of a tariff and an increase in duties, several sectors could now face higher prices.

The tariff hike marks a reversal from a trade agreement announced in July, when Trump said the US would apply a uniform 15 per cent tariff on goods imported from South Korea, a rate that was 10 percentage points below what he had earlier threatened.

The US President added that the East Asian country had agreed to “give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President.”

Trump’s latest move follows at least three earlier tariff warnings by his administration that were not implemented, including a proposed 10 percent levy on Canada after Ontario’s anti-tariff World Series advertisement, potential tariffs on European nations over Greenland, and a 100 percent duty on Canada that was floated on Saturday.

The development has come amid Doland Trump’s trade policies. The American top court heard arguments in November over the imposition of tariffs on several countries by the Trump administration without congressional approval. The justices have raised questions about whether Trump had the authority to impose such taxes unilaterally.

However, the court has not yet delivered a ruling in the matter.

(with ANI inputs)