Audio By Carbonatix
US President Donald Trump has announced he is raising tariffs on South Korean imports to 25% after accusing Seoul of "not living up" to a trade deal reached last year.
In a post on social media, Trump said he would increase levies on South Korea from 15% across a range of products including automobiles, lumber, pharmaceuticals and "all other Reciprocal TARIFFS".
Trump said South Korean lawmakers have been slow to approve the deal while "we have acted swiftly to reduce our TARIFFS in line with the Transaction agreed to".
South Korea says it had not been given official notice of the decision to raise tariffs on some of its goods, and wanted urgent talks with Washington over the issue.
It added that South Korea's Industry Minister Kim Jung-kwan, who is currently in Canada, will visit Washington as soon as possible to meet US Commerce Secretary Howard Lutnick.
Shares in some South Korean exporters fell on Tuesday morning, with car maker Hyundai down about 2.5%. Stocks related to pharmaceuticals and timber were also lower.
Seoul and Washington reached a deal last October, which included a pledge from South Korea to invest $350bn (£256bn) in the US, some of which would go to shipbuilding.
The following month, the two countries agreed that the US would reduce tariffs on some products once South Korea started the process to approve the deal.
The agreement was submitted to South Korea's National Assembly on 26 November and is currently being reviewed. It is likely to be passed in February, according to local media.
Tariffs are paid by companies who import products. In this case, US firms will pay a 25% tax on goods they buy from South Korea.
Trump has frequently used tariffs as leverage to enact foreign policy during his second term in the White House.
On Saturday, he threatened Canada with a 100% tariff if it struck a trade deal with China.
On Monday, Chinese officials said its "strategic partnership" agreement with Canada is not meant to undercut other countries.
Canadian Prime Minister Mark Carney has said his country was not pursuing a free trade deal with China and has "never" considered it.
He added that Canadian officials have made their position clear to their American counterparts.
Before that, Trump said he would impose import taxes on eight countries - including the UK - who opposed US plans to seize Greenland, an autonomous territory in the Kingdom of Denmark which is a member of Nato.
He later backed down from the tariff threat over Greenland citing progress towards a "future deal" over the island, but the episode strained US relations with Denmark and other Nato allies.
Latest Stories
-
UG commissions modern access control system, unveils walls of honour at registry
4 minutes -
The Republic of Unfinished Things: The price we pay for not finishing what we start
4 minutes -
Sly Dunbar, prolific legend of reggae, dies aged 73
5 minutes -
Ghana to introduce new regulations to tackle AI misinformation and disinformation
11 minutes -
UG School of Law ranked best in Ghana and West Africa, sixth in Africa in 2026 global rankings
13 minutes -
Every cedi lost to corruption is a loss to national development – Deputy Finance Minister
18 minutes -
U.S. withdrawal from WHO poses serious risk to Ghana’s health security – Abuakwa South MP
23 minutes -
NPP must choose flagbearer who appeals beyond party base – Abu Jinapor
24 minutes -
Bawumia is NPP’s best bet for 2028 victory — Samuel Abu Jinapor
28 minutes -
Finance Ministry warns against sabotage of new AI-driven customs system
41 minutes -
Man arrested over possession of fake currency, firearm
45 minutes -
Chief Justice proposes special courts to tackle galamsey and PAC-flagged offences
46 minutes -
National Security begins joint crackdown on illegal transport fares in Kumasi
49 minutes -
Ghana Armed Forces medics excel at U.S.-led Best Medic Competition in Italy
51 minutes -
One dead, several injured in youth clash at Sankor in Winneba
59 minutes
