US Imposes Steep 25 Percent Tariffs on South Korean Exports Amid Escalating Trade Tensions and Diplomatic Negotiations
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US Imposes Steep 25 Percent Tariffs on South Korean Exports Amid Escalating Trade Tensions and Diplomatic Negotiations
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This spring, the Trump administration announced a sharp change in trade policy, establishing a flat 10 percent "baseline" tariff on all imports to the United States, including those from South Korea. This policy, effective since April 10, replaced the initial plan for a country-specific reciprocal tariff rate. For South Korea, this means a 10 percent tariff applies broadly on most exports to the U.S. These rates are part of a sweeping shift to position U.S. trade on what former President Trump calls a more “reciprocal” footing, with China facing the steepest increase at 30 percent, following temporary reductions from earlier, even higher levels, according to Passport Global.
However, the drama didn’t end there. On April 9, the U.S. imposed a 25 percent tariff on South Korean exports—a move described by Source of Asia as the highest imposed on any American FTA partner, even surpassing Japan and the EU. This announcement left major South Korean exporters scrambling, especially those in the automotive, semiconductor, and steel sectors. Automotive exports are particularly crucial; last year, $34.7 billion worth of South Korean vehicles entered the U.S. market. With Hyundai and Kia under pressure, the economic reverberations are profound, impacting not only car manufacturers but also their extensive supply chains.
The steel and aluminum industries have also come under significant strain. Early this month, President Trump signed a new proclamation doubling Section 232 tariffs on steel and aluminum from 25 percent to 50 percent. This measure is intended to protect America’s core industries from what the administration describes as unfair global competition. These higher tariffs took effect on June 4 and target the steel and aluminum content in imports, prompting urgent talks between Washington and Seoul.
Amid this uncertainty, there’s a glimmer of hope on the diplomatic front. After liberal Lee Jae-myung took office as South Korea’s president, he and Donald Trump agreed in early June to fast-track negotiations for a new tariff deal that could benefit both nations. According to Fox Business, both leaders expressed commitment to encouraging working-level discussions aimed at achieving “tangible results” for their respective economies.
South Korean businesses are watching closely, hoping for clarity and relief as political and economic negotiations unfold. With the export-heavy South Korean economy under pressure and key sectors at risk, the outcome of these talks could define trade flows for years to come.
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