Overview
- President Trump said on social media he would lift automobile and reciprocal tariffs on South Korea back to 25% from 15%, criticizing the lack of legislative approval in Seoul.
- He also signaled 25% duties on lumber and pharmaceuticals, offering no timeline or procedural details for implementation.
- South Korea’s presidential office said it has received no formal U.S. notification and announced an urgent visit by its trade minister for talks with Commerce Secretary Ratnick.
- The two governments agreed in July to lower reciprocal tariffs to 15%, with negotiations concluded at an October leaders’ meeting in South Korea.
- In November, the ruling party in Seoul submitted a bill to establish a special fund tied to roughly $350 billion in U.S.-bound investment, and auto tariffs were reduced earlier that month under the arrangement.