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 (ÂŁ256bn) 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
-
Church of Pentecost supports over 2,000 BECE candidates in Obuasi with career guidance seminar
1 hour -
Brandon Asante and Coventry all but promoted to Premier League despite Sheffield Wednesday draw
2 hours -
GPL 2025/26: Late Kwartemaa strike downs Hearts in Tema
2 hours -
Ghana Faces Sierra Leone Moment as Prosecutorial Powers come under strain
2 hours -
Don’t consume fish or seafood from Tema Shipyard until further notice – FDA warns
2 hours -
Why volunteering might be Africa’s most underrated career accelerator
2 hours -
ActionAid Ghana raises concern over gender gaps in Feed Ghana Programme
2 hours -
Windstorm wreaks havoc in Gushegu, displacing nearly 2,000 residents and damaging schools
2 hours -
Friends of Bridget Bonnie Marks her 35th birthday with donation to Kasseh Model Health Centre
3 hours -
From Ekumfi Kokodo to the Pulpit Stage: Essi Donkor’s gospel journey takes shape
3 hours -
Landfilling waste management creates no value, it’s an economic waste
3 hours -
Photos: Speaker Bagbin Commissions MPs constituency office under parliamentary decentralisation programme
4 hours -
Black Stars technical advisor Winfried Schäfer sacked as GFA shakes up backroom staff
4 hours -
Wenchi water project almost complete, critical to gov’t agenda – GWL MD
4 hours -
Anti-LGBTQ+ bill not part of government’s legislative agenda – Inusah Fuseini
4 hours