US President Donald Trump on Monday (local time) announced an increase in tariffs on a wide range of South Korean goods, raising them to 25 per cent from the previous 15 per cent.

Announcing the move on Truth Social, Trump said, "Because the Korean Legislature hasn't enacted our Historic Trade Agreement, which is their prerogative, I am hereby increasing South Korean TARIFFS on Autos, Lumber, Pharma, and all other Reciprocal TARIFFS, from 15% to 25%." It remains unclear whether the revised tariff rates have already come into force.