Trump Raises Tariffs on South Korean Goods to 25%

Dow Jones06:51

Tariffs on imported autos, pharmaceuticals, and lumber from South Korea are rising to 25% because the country's legislature hasn't enacted the trade agreement with the U.S., President Donald Trump said Monday.

The tariffs are rising from 15%, Trump said on social media.

"South Korea's Legislature is not living up to its Deal with the United States," Trump said in the post, referencing a deal reached with South Korea's President Lee Jae Myung in July that they affirmed when Trump traveled to Asia last October.

That deal included a pledge by South Korea to invest $350 billion in the U.S. in things Trump said he would choose that would be owned and controlled by the U.S. South Korea also agreed to buy $100 billion of liquefied natural gas and other energy.

"Our Trade Deals are very important to America," Trump said on Monday. "In each of these Deals, we have acted swiftly to reduce our TARIFFS in line with the Transaction agreed to. We, of course, expect our Trading Partners to do the same."

The iShares MSCI South Korea exchange traded fund was down 1.8%.

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