President Donald Trump said Monday he is increasing tariffs on South Korean imports, citing the country’s failure to secure legislative approval for a trade framework announced last year.

In a post on social media, Trump said the United States will raise import taxes on South Korean autos, lumber and pharmaceutical products, while increasing tariffs on other goods from 15% to 25%. He said the move was necessary after South Korea’s National Assembly did not act on the agreement reached in July and reaffirmed during his visit to the country in October.

“Our trade deals are very important to America,” Trump wrote. “In each of these deals, we have acted swiftly to reduce our tariffs in line with the transaction agreed to. We, of course, expect our trading partners to do the same.”

Trump has previously imposed tariffs by declaring an economic emergency, allowing him to bypass congressional approval. In South Korea, however, legislative action is required for trade agreements........

© Newsweek Asia