US President Donald Trump will announce tariffs on imported cars in early April in what could be a direct setback to the South Korean automotive industry.
The president announced the plan to unveil auto tariffs on April 2 as he has been using tariffs as a key tool to shrink America's trade deficit, boost domestic manufacturing and achieve other policy goals, including preventing the inflow of unauthorised migrants and drugs.
Amid Trump's tariff-based policy push, fears have been swirling that Asia's fourth-largest economy might be put into his administration's crosshairs, given that South Korea's trade surplus with the United States reached $55.7 billion last year, reports Yonhap news agency.
"We're going to do it on April 2, I think. Is that right?" Trump asked his aide, who said, "That's right."
The president did not elaborate on whether he will just announce the tariffs on April 2 or they will take effect that day.
The U.S. is a top auto export market for South Korea. Of South Korea's total car exports last year, exports to the U.S. were tallied at $34.7 billion, or 49.1 percent. No U.S. tariffs have been imposed on Korean cars since 2016 under a bilateral free trade agreement.
The auto tariff announcement came as the Trump administration is pushing to roll out "reciprocal" tariffs on U.S. imports to match what other countries impose on American goods. It has already announced a plan to impose 25 percent tariffs on steel and aluminum imports, starting March 12, while weighing new tariffs on chips and pharmaceuticals.
Trump's tariff announcements are being keenly followed by South Korean officials amid concerns that policy coordination with Washington could be slower than before in the midst of political uncertainty in Seoul caused by impeached President Yoon Suk Yeol's martial law attempt in early December.
South Korean Foreign Minister Cho Tae-yul has said that he plans to have discussions on the tariff issue with U.S. Secretary of State Marco Rubio when the two sides meet on the margins of an international security forum in Munich, Germany, on Saturday.
Trump has already imposed a 10 per cent tariff on all Chinese goods coming into the U.S., while he temporarily paused the imposition of a 25 percent tariff on Canada and Mexico after the two countries agreed to step up efforts to prevent drug trafficking at their borders with the US.
11 illegal migrants held in February in Dharmanagar and Agartala
As per NFR, in an incident on 15th February RPF team of Agartala conducted a routine drive at Agartala Railway Station. While checking they detected 02 female Bangladeshi national sat the station.
State aims to install 50,000 solar plants in 2025: Power Minister
The present state government has set an ambitious goal of installing 50,000 solar plants across the state during the current financial year, Power Minister Ratan Lal Nath announced on Sunday.
Tension in Manipur districts after Meitei youth goes missing
A 20-year-old youth, belonging to the Meitei community has gone missing from Manipur’s Imphal triggering serious tension in both Imphal West and Imphal East districts, officials said on Monday night.
Vehicles burnt as violent clashes erupt in Nagpur, cops deployed
Amid raging controversy over the demolition of the Mughal emperor Aurangzeb’s grave situated at Sambhajinagar, violent clashes broke out between two groups in Maharashtra’s second capital Nagpur which led to stone pelting and arson.
PM Modi joins Trump-owned 'Truth Social' platform after US President shares podcast link
Prime Minister Narendra Modi on Monday joined US President Donald Trump-owned social media platform, Truth Social, following a post by the American leader. The post shared a video link of Prime Minister Modi's podcast with renowned US-based podcaster and computer scientist, Lex Fridman.
PM Modi meets Tulsi Gabbard, gifts her vase containing holy Ganga water from Maha Kumbh
Prime Minister Narendra Modi and United States Intelligence Chief Tulsi Gabbard met in the national capital on Monday, exchanging not just pleasantries but also gifts in the form of Ganga Jal (holy Ganga water) and a handcrafted mala.
Won't allow glorification of Aurangzeb's legacy, says Maha CM Fadnavis
Amid the chorus for the demolition of Mughal Emperor Aurangzeb’s grave situated in Sambhajinagar, Maharashtra Chief Minister Devendra Fadnavis on Monday said that it was unfortunate that the state government has to protect it.
No ‘Neja Mela’ in Sambhal: Police ban event organised in memory of Masud Ghazi
The 'Neja Mela', which is held every year in Sambhal, Uttar Pradesh, in memory of Saiyyad Salar Masud Ghazi, will not take place this time. The police have made it clear to the organisers that they will not allow the event to take place in the name of ‘robbers’.