Trump Hits Korea With New Tariffs, Hyundai And Kia Are About To Pay The Price

Canada isn’t the only country drawing Donald Trump’s ire, as the American president has announced new tariffs on South Korea. These specifically target imports of automobiles, lumber, and pharmaceuticals. 

In a social media post, Trump said “trade deals are very important to America” and the United States has “acted swiftly to reduce” tariffs once an agreement has been struck. He added that the country should expect “similar treatment” in return from its partners.

More: Korean Lawmakers Accuse Hyundai Of Bowing To Trump

However, Trump claims South Korea isn’t following suit as their legislature hasn’t approved the trade deal that was agreed upon last year. He went on to blame their lack of action for his decision to increase tariffs on the aforementioned goods as well as on other items included as part of reciprocal tariffs.

Tariffs are set to rise from 15 percent to 25 percent, which will have a negative impact on Hyundai, Kia, and Genesis – among others. Of course, Trump has a tendency to announce things, only to either backtrack or abandon them within weeks or months.

In fact, this has become so common that there’s an acronym for it. Known as TACO for Trump Always Chickens Out, it reflects Trump’s effort to bully others into submission but ultimately cave. This recently played out with threats to seize Greenland and increase tariffs on European countries until a deal was reached for the “complete and total purchase of Greenland.”

It’s also worth noting that Trump is complaining about South Korea’s legislature, while bypassing Congress to establish and eliminate tariffs on little more than a whim. If the House and Senate were involved, things would likely look radically different.

Speaking of which, the Supreme Court will soon decide the fate of Trump’s tariffs. NBC News reports a decision could be announced in the coming weeks.