Trump Imposes 25% Tariffs on South Korean Imports Effective August 2025, Disrupting Free Trade Agreement and Economic Relations
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Trump Imposes 25% Tariffs on South Korean Imports Effective August 2025, Disrupting Free Trade Agreement and Economic Relations
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These tariffs essentially upend the current U.S.-Korea Free Trade Agreement, or KORUS, which had previously enabled about 95% of trade between the two countries to occur tariff-free. Reason magazine notes that KORUS, negotiated under both Bush and Trump, was credited with boosting trade nearly 70% over a decade, benefiting American farmers and increasing South Korean investment in the U.S. The decision to impose such widespread tariffs, Reason argues, undermines the long-term certainty businesses need and calls into question the reliability of U.S. trade policy for Korea and other partners.
South Korea’s government has responded by convening an emergency cabinet meeting and pledging to negotiate a “mutually beneficial” deal before the August deadline. South China Morning Post reports that Seoul is looking at revising regulations and increasing cooperation in strategic sectors like shipbuilding and semiconductors to weather the impact and potentially reach an agreement that could soften the blow.
These new tariffs are not isolated. According to the Budget Lab at Yale, the average U.S. tariff rate will rise to 17.6%, the highest since the 1930s. The overall price level in the U.S. is projected to rise 1.7% in the short run, with the average household seeing an income loss of around $2,300 this year. Real U.S. GDP growth is expected to drop by 0.7 percentage points over 2025, and payroll employment could decline by over half a million jobs.
For South Korean companies, the effects are already being felt. The Korea Economic Daily reports that LG Electronics’ profits nearly halved in the second quarter, in large part due to the increased cost pressures from these tariffs, which have made their products more expensive in the U.S. market.
Even as the U.S. administration leaves open the possibility to amend or lower tariffs if new trade deals are struck, industry experts warn, as CBS News quotes, that “at 25%, it is possible, but challenging, to trade with Japan and Korea,” emphasizing that trade with the U.S. is now “a pay to play proposition.”
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