Donald Trump announced the increase of tariffs on products from South Korea from 15% to 25% because it "does not comply" with the trade agreement.

President Donald Trump has announced that he will increase tariffs on products from South Korea from 15% to 25%, citing the unapproved trade agreement by the Korean legislature. Among the affected products are automobiles, lumber, and pharmaceuticals. Although it is unclear whether the change has already taken effect, the White House has not provided additional details. Following the announcement, the Kospi index in South Korea fell by over 1%, and Hyundai shares dropped by 2.2%. South Korea exports goods worth 132 billion dollars to the U.S., and the increase in tariffs could make these products more expensive. Trump previously announced a trade agreement that prevented tariff increases, but now, without its ratification, tariffs will be raised. The South Korean Minister of Trade will travel to the U.S. to discuss the situation.