Trump Imposes Global Tariffs After U.S. Supreme Court Ruling

Following a U.S. Supreme Court ruling that declared the use of the International Emergency Economic Powers Act for reciprocal tariffs unlawful, Donald Trump signed an order to impose a global tariff on all countries. While initial orders established a 10 percent tariff effective February 24, 2026, using Section 122 of the 1974 Trade Act, subsequent developments saw the rate rise to 15 percent as a temporary measure while the administration seeks new "legally permissible" duties.

The South Korean government responded by convening interagency meetings led by National Security Adviser Wi Sung-lac and Policy Chief Kim Yong-beom to monitor U.S. measures and coordinate duty refunds for domestic businesses. To mitigate trade volatility and avoid further escalations, Seoul is proceeding with legislative hearings for a special bill to implement a $350 billion investment pledge in the U.S. finalized in October 2025.

Trade Minister Kim Jung-kwan announced that South Korea will pursue amicable consultations to safeguard the balance of interests established through bilateral trade agreements. Despite the trade uncertainty, South Korea reported strong export growth of 23.5 percent during the first 20 days of February, driven by a 134.1 percent surge in semiconductor demand, though automobile exports declined by 26.6 percent due to U.S. tariff adjustments.