US President Donald Trump has announced that tariffs on South Korean imports will be raised to 25%.
US President Donald Trump has accused the Seoul legislature of not complying with a trade agreement signed with Washington last year, foreign media reported.
The president announced on his social media that tariffs have been increased from 15% to 25% on a number of goods, including cars, lumber and pharmaceuticals.
However, South Korea said that it has not been officially notified of the tax increase, and that it expects to hold urgent talks with Washington in this regard.
It has also been revealed that the South Korean Minister of Industry is scheduled to meet the US Secretary of Commerce to discuss this.
According to an agreement reached between the two countries last October, South Korea had agreed to invest $350 billion in the United States. Foreign media further reported that the share prices of major export companies on the South Korean stock market have fallen following Trump’s decision.

( Cyber World Press-South Korea)