hankyoreh

President Lee Jae Myung of South Korea. (Yonhap)

The Blue House said it was planning on holding a meeting regarding the surprise announcement by US President Donald Trump that he would be raising tariffs on Korean exports from 15% to 25%, adding that it planned to discuss the matter with US Commerce Secretary Howard Lutnick. 

The Ministry of Economy and Finance also said it was “looking into” what prompted the announcement. 

"US President Donald Trump posted an announcement on Truth Social that reciprocal tariffs and tariffs on automobiles and auto components will be raised from 15% to 25% in response to delays by Korea’s National Assembly in putting legislation on strategic investments in the US up for a vote,” the Blue House's press office said in a statement to the press on Tuesday morning. 

"We have yet to receive any official notice or details directly from the US administration,” the Blue House said. 

Trump’s announcement came in a post to Truth Social on Monday (local time).

"South Korea's Legislature is not living up to its Deal with the United States,” he wrote. He then announced that the US would increase tariffs on Korean autos, lumber, pharmaceuticals, and all other reciprocal tariffs from 15% to 25%. 

"Our Trade Deals are very important to America,” the president’s post began. “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." 

The Blue House said it “planned to hold a response meeting with heads of relevant ministries, presided over by the presidential secretary for policy” on Tuesday morning. 
 
"Trade Minister Kim Jung-kwan, who is currently in Canada, is planning on swiftly going to the US to discuss the matter with US Commerce Secretary Howard Lutnick," the Blue House added. 

The Ministry of Economy and Finance's press office also issued a statement on Tuesday saying it would “continue to communicate with the US by explaining the deliberation process regarding the relevant bill in Korea’s National Assembly." 

“For starters, we were planning on requesting the National Assembly's cooperation during a meeting scheduled for this afternoon between the deputy prime minister and the chairperson of the Finance, Economy, Planning and Budget Committee this afternoon. We will continue discussing the matter while proactively consulting with the National Assembly." 

By Shin Hyeong-cheol, staff reporter; Park Su-ji, staff reporter

Please direct questions or comments to [english@hani.co.kr]