Foreign media: US President Trump announced that the tariff on South Korean imports will be increased to 25%, accusing South Korea of not fulfilling the trade agreement reached last year.
Trump said on social media that South Korea has been slow in approving the agreement, while the US has quickly reduced tariffs. South Korea said it has not yet received formal notice and hopes for an emergency meeting with the US.
South Korea's exports to the US amount to 123 billion US dollars, including about 30 billion US dollars in car exports. After the news spread, the stock prices of South Korean carmakers Hyundai and Kia fell by 6% at one point, but eventually only dropped by 1%. The South Korean composite share price index also turned from a decline to a rise, closing up 2.7%.
Analysts believe that the market is skeptical about whether Trump will really increase the tariffs, as he had previously threatened to impose tariffs on Europe, but eventually gave up.
Original article: toutiao.com/article/1855485262523463/
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