United News of Bangladesh

US President Donald Trump has announced a sharp increase in tariffs on imports from South Korea, raising levies to 25 percent after accusing Seoul of failing to honour a trade agreement reached last year. In a post on social media, Trump said the higher tariffs would replace the existing 15 percent duties and apply to a wide range of products, including automobiles, lumber, pharmaceuticals and other goods covered under what he described as reciprocal tariffs. Trump claimed South Korean lawmakers had been slow to approve the deal, while the United States had moved quickly to reduce its own tariffs in line with the agreement. South Korea said it had not received formal notification from Washington about the decision and called for urgent consultations. The country’s industry ministry said Trade and Industry Minister Kim Jung-kwan, currently in Canada, would travel to Washington as soon as possible to meet US Commerce Secretary Howard Lutnick. The tariff dispute comes despite a bilateral agreement reached in October, under which South Korea pledged to invest 350 billion dollars in the United States, with part of the funds earmarked for shipbuilding. The following month, both sides agreed that Washington would lower tariffs on certain products once Seoul began the approval process. The agreement was submitted to South Korea’s National Assembly on November 26 and is currently under review. Local media have reported it is likely to be approved in February. Tariffs are paid by importing companies, meaning US firms will now face a 25 percent tax on goods purchased from South Korea. Trump has repeatedly used tariffs as a foreign policy tool during his second term. Over the weekend, he warned Canada of possible 100 percent tariffs if it pursued a trade deal with China. Canadian Prime Minister Mark Carney later said Ottawa was not seeking such an agreement and had conveyed its position clearly to Washington. Earlier, Trump had also threatened import taxes on several countries, including the UK, over opposition to US plans involving Greenland, though he later withdrew the threat, citing progress toward a future deal.   With inputs from BBC