Tariff Hike: Donald Trump hikes 25% tariffs on this Asian Country

Donald Trump declared that tariffs on various South Korean goods would rise from 15 percent to 25 percent.

Trump Hikes Tariffs On South Korean Goods To 25%: United States President Donald Trump on Monday stated that he would raise tariffs on a wide range of South Korean goods — raising them to 25 percent from the previous 15 percent — punishing the East Asian country for ‘not living up to’ an earlier trade agreement with Washington.

Trump Hikes Tariffs On South Korean Goods To 25%: What Did US President Say?

Trump took to Truth Social on Monday and announced about the decision. “Because the Korean Legislature hasn’t enacted our Historic Trade Agreement, which is their prerogative, I am hereby increasing South Korean TARIFFS on Autos, Lumber, Pharma, and all other Reciprocal TARIFFS, from 15% to 25%,” he wrote.

However, it is unclear whether the revised tariff rates have already come into force or if the Trump administration will impose them in the coming days.

Trump Hikes Tariffs On South Korean Goods To 25%: South Korea Among Top US Importers

It is to be noted that the East Asian country is one of America’s leading sources of imported goods. According to Commerce Department data, it exported nearly USD132 billion worth of products to US last year,

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The goods that South Korea majorly exports to the US include – automobiles and auto parts, semiconductors and electronics. Now, after the imposition of a tariff and an increase in duties, several sectors could now face higher prices.