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Reporters increase their palms as President Donald Trump speaks throughout a press briefing on the White Home in Washington, Jan. 20. AP-Yonhap
WASHINGTON — A White Home official mentioned Tuesday that South Korea has made “no progress” on fulfilling its finish of a bilateral commerce deal though U.S. President Donald Trump lowered tariffs on the Asian nation.
The official made the remarks a day after Trump mentioned he’s growing “reciprocal” tariffs and auto duties on South Korea, amongst others, to 25 % from 15 %, taking difficulty with a delay within the Asian nation’s legislative procedures supporting the implementation of the commerce deal.
“The straightforward actuality is that South Korea reached a cope with the Trump administration to safe decrease tariffs,” the official mentioned in response to a query from Yonhap Information Company.
“Whereas the president lowered tariffs on Korea, the Koreans have made no progress on fulfilling their finish of the discount,” the official added.
Trump’s shock tariff announcement created confusion amongst policymakers in Seoul, prompting them to hurry Trade Minister Kim Jung-kwan, who was in Canada on a enterprise journey, to Washington for talks with U.S. Commerce Secretary Howard Lutnick.
Beneath a commerce deal struck in late July and finalized months later, Seoul has dedicated to investing $350 billion in america, amongst different pledges, in return for Washington’s reducing of “reciprocal” tariffs to fifteen % from 25 %.
Trump’s transfer to extend tariffs got here amid issues in Washington over South Korea’s ongoing investigation into Coupang Inc., a U.S.-listed agency, over a large buyer knowledge leak and the Asian nation’s strikes to manage on-line platform firms.
It additionally adopted issues that the Korean forex’s weak spot may get in the best way of the Asian nation delivering on its funding dedication.
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