Trump announces plan to raise tariffs on South Korean goods to 25%

U.S. President Donald Trump has announced plans to increase tariffs on goods imported from South Korea, raising the rate from the current 15 per cent to 25 per cent. The proposed increase would apply to a range of products, including automobiles, lumber, pharmaceuticals and other manufactured goods.

Speaking about the decision, Trump accused South Korea of failing to properly implement a trade agreement reached last year. He said the tariff increase is intended to address what his administration describes as unfair trade practices and ongoing concerns about market access for U.S. companies.

South Korean officials responded by saying they have not yet received any formal notification from Washington regarding the tariff hike. The government has called for immediate talks with the United States to clarify the situation and prevent further escalation.

South Korea’s industry minister, Kim Jung-kwan, who is currently in Canada, is expected to travel to Washington in the coming days. Officials say he plans to meet with U.S. Commerce Secretary Howard Lutnick to discuss the proposed tariffs and broader trade relations between the two countries.

The announcement adds to uncertainty for global markets and could have implications for Canadian industries connected to U.S. and South Korean supply chains, particularly in the automotive and manufacturing sectors.