Trump says he will impose new tariffs on South Korea as he criticises delays in trade deal

US president says tariffs on automobiles, lumber and pharmaceuticals will rise to 25%, accusing Seoul of not living up to a trade deal struck last year

Donald Trump has said he is raising tariffs on South Korean goods including automobiles, lumber and pharmaceuticals, accusing the country of not living up to a trade deal struck last year and briefly sending shares in Korean carmakers tumbling.

In a post on social media, the US president said the tariffs paid on South Korean exports into America would rise from 15% to 25% because the Korean Legislature hasn't enacted our Historic Trade Agreement, which is their prerogative".