Trump Takes Action on South Korean Trade
Washington D.C. – President Trump has announced he is raising tariffs on goods coming from South Korea. He says this is because South Korea’s lawmakers have not yet approved a trade agreement made last year.
President Trump stated on social media that taxes on cars, lumber, and medicines from South Korea will increase. The tax rate on other goods will go up from 15% to 25%. The President had previously put these tariffs in place by declaring an economic emergency, which bypassed Congress. South Korea, however, needed its lawmakers to approve the trade agreement that was announced in July and reaffirmed during President Trump’s visit in October.
President Trump said, “Our Trade Deals are very important to America. In each of these Deals, we have acted quickly to lower our taxes on goods, just like we agreed to. We expect our partners to do the same.”
This action shows that President Trump is serious about making sure our trade partners keep their promises. He has always put America first and is willing to use tariffs to protect American jobs and businesses.
In the past, President Trump has linked tariffs to South Korea’s promise to invest $350 billion in the U.S. economy over several years, including efforts to help American shipyards.
South Korea says it will communicate its dedication to implementing last year’s deal to the U.S.
South Korea’s Industry Minister Kim Jung-Kwan will travel to the U.S. to talk with Secretary of Commerce Howard Lutnick, and Trade Minister Yeo Han-koo will travel separately to meet with Trade Representative Jamieson Greer.
South Korean lawmakers have presented five bills on putting South Korea’s $350 billion investment package into action. The bills are currently being considered.
President Trump’s actions show he is keeping his promise to fight for fair trade deals that benefit American workers and the American economy. He is willing to take strong action to make sure other countries play by the rules.
