President Trump Announces Reciprocal Tariff
“The reciprocal tariff rate imposed by the U.S. on Korea was finally set at 25% after much confusion and revision.”
“On the 2nd local time, President Trump revealed in a press conference that the panel showed Korea’s reciprocal tariff rate as 25%.”
“However, the annex to the executive order released later by the White House stated it as 26%.”
“Initially, the White House confirmed that 26% was correct, insisting that the annex should be followed, but revised it back to 25% the next day.”
“Several countries, including Korea, experienced these errors, but no specific explanation was provided.”
“There is ongoing criticism at home regarding the crude calculation method of simply dividing the U.S. trade deficit by the import amount.”
“Lawrence Summers, former U.S. Treasury Secretary and Harvard University president, criticized the approach, saying, ‘It’s like trying to explain biology with creationism and astronomy with astrology.'”
“He also noted that if it were his administration, ‘I would have resigned in protest,’ directly criticizing Trump administration officials.”
“The Trump administration has imposed reciprocal tariffs not only on major trading partners but also on uninhabited islands in the Arctic and Antarctica, home only to penguins.”
“The remote volcanic island of Norfolk, with a population of 2,000 people, faced a tariff 19 percentage points higher than other regions in Australia.”
“The Australian Prime Minister criticized, saying, ‘While it’s not surprising given Trump administration’s unilateral approach, it is completely unfounded.'”
“A prominent American investor expressed concern shared in the industry that ‘Trump’s tariff policy is too excessive’ and warned that ‘if the policy isn’t adjusted, it will cause continuous and ripple harm to the U.S. economy.'”
Reporter: Han Mi-hee ([email protected])
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