Trump increases customs duty rate applied to South Korea

US President Donald Trump made assessments regarding the trade agreement with South Korea via his Truth Social account.

"AGREEMENTS ARE OF VITAL IMPORTANCE FOR THE US"

Trump stated that all trade agreements signed by the US with various countries are of great importance to Washington, adding, "In each of these agreements, we moved quickly to lower our tariffs as agreed upon. Of course, we expect our trading partners to do the same."

"WHY DID THE KOREAN PARLIAMENT NOT RATIFY IT?"

Claiming that South Korea has not fulfilled its agreement obligations, Trump also drew attention to the dates of the process. He expressed his reaction with the words: "South Korean President Lee Jae Myung and I reached an important agreement for both countries on July 30, 2025. We reaffirmed the terms of this agreement while I was in Korea on October 29, 2025. Why did the Korean Parliament not ratify this agreement?"

DECISION TO INCREASE TARIFFS

Emphasizing that the agreement has still not entered into force, Trump announced his decision to increase customs duties, stating, "Because the Korean Parliament has not enacted our historic trade agreement despite it being within their jurisdiction, I am increasing all reciprocal customs duties on automobiles, lumber, pharmaceuticals, and other products from 15 percent to 25 percent."

PREVIOUSLY ANNOUNCED AS 15 PERCENT

In another post on July 31, the US President had announced that a "full and comprehensive" trade agreement had been reached with South Korea, and in this context, had used the expressions, "It has been decided to apply a 15 percent customs duty to South Korea."