Commerce Department imposes 25% duties on Samsung and LG imports

On Apr. 2, 2025, President Donald Trump imposed a 25% tariff on South Korean goods, overriding the existing Korea-U.S. Free Trade Agreement (Reuters)

Trump simultaneously applied a 46% duty on imports from Vietnam, affecting South Korean firms with production bases there such as Samsung Electronics and LG Electronics (Reuters)

Semiconductors, automobiles and auto parts accounted for 42% of South Korea’s total exports to the United States, heightening the economy’s exposure to the new tariffs (Reuters)

Citi estimated that the combined impact of the Apr. 2 tariffs could shave 0.16% off South Korea’s GDP this year, putting its 1.0% growth forecast at risk (Reuters)