U.S. Tariff Plans and Economic Anticipation

U.S. President Donald Trump has announced plans for reciprocal tariffs, stating that countries imposing duties on American goods will face similar charges on imports from those nations. This approach aims to address trade imbalances, particularly targeting nations with high import duties and non-tariff barriers. South Korea's Acting President, Choi Sang-bok, expressed that the impact on the South Korean economy may be limited due to the existing Korea-U.S. free trade agreement, which already features low average tariff rates. Concerns persist, however, as the U.S. trade deficit with South Korea reached approximately $66 billion in 2024, prompting the South Korean government to assess potential areas of U.S. interest amidst these tariff changes.