Trump Threatens Tariff Hikes On South Korean Goods

WASHINGTON (AP) — President Donald Trump says he is increasing tariffs on South Korean goods because the country’s national assembly has yet to approve the trade framework announced last year. Trump said on social media Monday that import taxes would be raised on autos, lumber and pharmaceutical drugs from South Korea with the rate on other goods going from 15% to 25%. The U.S. president previously imposed the tariffs by declaring an economic emergency and bypassing Congress, while South Korea needed legislative approval for the framework announced in July and affirmed during Trump’s October visit to the country. The threat was a reminder that the tariff drama unleashed last year by Trump is likely to be repeated again and again this year.