President Trump says he is raising taxes on products coming from South Korea. The tariffs are set to jump from 15% to 25%. The President stated this decision was made because Seoul has not yet put a trade agreement with the United States into action.
It is not yet known exactly when these new costs will kick in.
This move could affect many of the products Americans buy every day. South Korea is one of the largest sources of foreign goods for the U.S. In 2024 alone, the country shipped $132 billion worth of items to American ports.
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The biggest things getting shipped over include cars, car parts, semiconductors, and various electronics. Because of these higher levies, companies that import these items might have to pay more at the border.
This may increase the final price for shoppers.
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