Khaberni - American President Donald Trump announced on Monday his intention to raise customs duties on various South Korean goods, criticizing Seoul for not adhering to a previous trade agreement made with Washington.
Trump wrote on his platform "Truth Social", "Since the Korean parliament did not activate our historic trade agreement, which is within its powers, I am announcing an increase in customs duties on cars, timber, and South Korean pharmaceuticals, and all other mutual customs duties, from 15% to 25%".
South Korea announced that it was not previously informed about the decision of the United States, pointing out that it wants to conduct urgent talks with Washington regarding this issue.
A statement issued by the presidential office in Seoul mentioned, "There has been no official notification from the American government nor any clarification of the details at this stage."
The statement added, "Trade Minister Kim Jong Kwan, who is currently in Canada, plans to visit the United States as soon as possible to consult with Commerce Secretary (Howard) Lutnick regarding this matter."
Trump's decision came unexpectedly after months of negotiations that culminated in a trade and security agreement between Washington and Seoul after tough negotiations that lasted for months.
The agreement was concluded after Trump's meeting with his South Korean counterpart Lee Jae Myung in October and included South Korean investment promises and customs reductions from the United States.
Under the agreement, Washington maintains customs duties of up to 15% on South Korean goods, including cars and their parts and pharmaceuticals.
The agreement led to a reduction of American customs duties on South Korean cars from 25%.
If Trump implements his latest threat, it will lead to a return to these duty rates.
The automotive industry represents 27% of South Korea's exports to the United States, which imports about half of Korea's car exports.
Returning to higher customs duties would make South Korean exports less competitive compared to economies such as Japan and the European Union, which have agreements for American customs duties on their goods at a rate of 15%.
