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US Imposes Tariffs on South Korean Goods, Sparking Trade Concerns
teh United States has imposed a 25% tariff on a range of imports from South Korea, including automobiles, lumber, pharmaceuticals, and other products subject to reciprocal trade agreements. This action, announced by former President Donald trump, stems from concerns over the pace of South Korea’s approval of a trade deal reached in October 2023.
Background of the Trade Agreement
In October 2023, the US and South Korea reached an agreement where South Korea pledged to invest $350 billion in the US, including investments in shipbuilding. As part of the deal, the US agreed to reduce tariffs on some South Korean products once South Korea began the process of approving the agreement.
The agreement was submitted to South Korea’s National Assembly on November 26,2023,and is currently under review. Approval was anticipated in February 2024, according to local media reports.
South Korea’s Response
South Korea’s Ministry of Trade, Industry and Energy stated it had not received official notification of the tariff increase and requested urgent talks wiht Washington. Industry Minister Kim Jung-kwan, while in Canada, plans to travel to Washington as soon as possible to meet with US Commerce Secretary.