Washington [US], January 27: South Korea said it had not been notified in advance of U.S. President Donald Trump's plan to raise tariffs, and expressed a desire for dialogue.
Reuters reported on January 27th that US President Donald Trump announced he would increase import tariffs to 25% on many South Korean goods related to automobiles, timber, and pharmaceuticals, accusing the country of "not fulfilling" the previously signed trade agreement.
"Because the South Korean National Assembly has not ratified our historic trade agreement, which they have the right to decide, I announce an increase in tariffs on automobiles, timber, pharmaceuticals, and all other bilateral tariffs from 15% to 25%," Trump wrote on the social media platform Truth Social.
It is unclear when the U.S. will impose these new tariffs on South Korea.
South Korea has been working to implement the agreement with the U.S. announced last year, which reduced U.S. tariffs on many of its exports to 15%.
However, earlier this month, South Korea's Finance Ministry said that its plan to invest $350 billion in strategic US sectors under the trade agreement is unlikely to begin in the first half of 2026 due to the weak won.
The prospect of a massive outflow of foreign currency poses significant challenges for the Seoul government at a time when the won has depreciated to levels not seen since the 2007-2009 global financial crisis.
In an agreement reached last year, the two countries agreed to impose import tariffs on cars and auto parts from South Korea into the US at 15%, down from 25%, matching those of competitors from Japan.
The automotive industry accounts for 27% of South Korea's exports to the United States, which imports nearly half of the country's total car exports.
Furthermore, as part of South Korea's $350 billion investment agreement in strategic US sectors, Seoul will disburse $200 billion in cash in installments, with a maximum of $20 billion per year, to maintain the stability of the won.
The South Korean presidential office issued a statement saying the country had not been notified in advance of the planned tax increase and expressed a desire for dialogue.
"Currently, the US government has not issued any official announcement or provided any detailed explanation. Trade Minister Kim Jung-kwan, currently in Canada, also plans to visit the US soon to consult with Trade Secretary (Howard) Lutnick on this matter," AFP quoted the statement as saying.
Source: Thanh Nien Newspaper
