Washington: U.S. President Donald Trump announced on Wednesday that the United States would implement a 10 percent reciprocal tariff on South Korea and other trading partners for a period of 90 days. Concurrently, duties on China have been increased to 125 percent in response to China's retaliatory trade measures.
According to Yonhap News Agency, the announcement was made through a social media post as the reciprocal tariffs took effect. This development follows last week's introduction of 25 percent tariffs on South Korea and 24 percent on Japan, among others. Trump stated, "I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately," on Truth Social.
He further explained that the decision was influenced by outreach from over 75 countries to U.S. representatives, including the Department of Commerce, the Department of the Treasury, and the U.S. Trade Representative. These countries have not retaliated against the new U.S. tariffs, prompting Trump's decision to lower tariffs temporarily.
Trump also addressed the situation with China, condemning Beijing's decision to raise tariffs on U.S. goods to 84 percent as a retaliatory measure. He announced an increase in tariffs on China to 125 percent, effective immediately, citing a lack of respect for global markets. Trump stated, "At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable."