United States President, Donald Trump has announced that he is hiking tariffs on South Korean exports.
Trump In a post on Truth Social on Monday, said that he is increasing” tariffs from 15 percent to 25 percent over the failure of South Korea’s legislature to ratify the trade pact struck between Washington and Seoul last year.
He says that the higher tariff rate would apply to automobiles, lumber and pharmaceutical products.
However, South Korea’s presidential office, Cheong Wa Dae, said in a statement that Seoul had not received any notification about the tariffs from the US side, saying that director of national policy, Kim Yong-beom, would convene a meeting this Tuesday to discuss Trump’s announcement.