In his statement, Trump emphasized that South Korean lawmakers are slowly advancing the approval process for the deal, while the US has already taken steps to reduce tariffs in accordance with previously reached agreements.
Seoul, for its part, reported that it has not received official notification of the tariff increase and demands urgent negotiations with Washington on this matter.
The Minister of Industry of South Korea, Kim Jong Kwan, currently in Canada, plans to visit Washington as soon as possible to discuss the situation with US Secretary of Commerce Howard Lutnick.
As a result of this decision, shares of several South Korean companies fell in price, particularly the automaker Hyundai, whose shares dropped by 2.5%. The stocks of companies involved in pharmaceuticals and logging also decreased in value.
It is worth noting that last October, Seoul and Washington reached an agreement under which South Korea committed to invest $350 billion in the US economy, including funds for shipbuilding development.
In the following month, both sides agreed that the US would lower tariffs on certain goods when South Korea begins the ratification process for the agreement.
This agreement was submitted for consideration to the National Assembly of South Korea on November 26 and its adoption is expected to take place in February.
It should be noted that tariffs are paid by companies importing goods, thus American firms will face a 25% tax on products from South Korea.
During his second term as president, Trump often uses tariffs as a tool to achieve his foreign policy goals.
Last week, he threatened Canada with a 100% tariff if it signed a trade agreement with China.
In response, Chinese officials stated that the agreement on "strategic partnership" with Canada is not aimed against other countries.
Canadian Prime Minister Mark Carney emphasized that his country is not seeking a free trade agreement with China and has "never" considered such an option.
He also added that Canadian authorities clearly communicated their position to their American counterparts.
Earlier, Trump had also proposed imposing import tariffs on eight countries, including the UK, in response to their opposition to US plans regarding Greenland, an autonomous territory of Denmark, a NATO member.
However, he later backed off the threat regarding Greenland, citing progress in achieving a "future agreement," although this incident strained relations between the US and Denmark and other NATO allies.
