Washington: U.S. President Donald Trump unveiled a plan to impose a 10 percent "baseline" tariff on imports from all foreign countries and a 25 percent "reciprocal" tariff specifically targeting South Korea. This move, announced at the "Make America Wealthy Again" event at the White House Rose Garden, aims to reduce America's trade deficits and strengthen domestic manufacturing.
According to Yonhap News Agency, the tariffs are set to take effect at 12:01 a.m. on Saturday for the baseline tariff, and at 12:01 a.m. on April 9 for the reciprocal tariffs. The announcement has drawn significant attention from South Korea and other U.S. trading partners, who are attempting to navigate the growing list of tariffs imposed by the Trump administration.
President Trump declared April 2, 2025, as "Liberation Day," emphasizing it as a pivotal moment for the rebirth of American industry and the reclamation of America's economic destiny. During his speech, he described the new tariffs as "kind" and "common sense," indicating that the U.S. would impose only half the rate that each targeted country was initially expected to pay.
A chart presented at the event detailed individualized reciprocal tariffs for various countries, including 34 percent for China, 20 percent for the European Union, and 46 percent for Vietnam. Other nations such as Taiwan, Japan, and India also faced significant tariffs. These tariffs were tailored based on each country's trade barriers, exchange rate policies, and other economic practices.
Trump criticized past trade practices, accusing other nations of imposing massive tariffs on U.S. products while the U.S. lowered its own trade barriers. He claimed that America has been exploited for over fifty years and that the imposition of these tariffs signals the return of the "golden age of America."
For South Korea, the announcement is particularly significant, as the U.S. trade deficit with the country reached $66 billion last year, marking a nearly 30 percent increase from the previous year, as reported by the Office of the U.S. Trade Representative. South Korea, like many other countries, is bracing for the impact of these new tariffs on its economy.