Trump Imposes Additional Tariffs - How It Is Affecting Around The World?

March 1, 2025, U.S. President Donald Trump has announced the imposition of additional tariffs in China, Canada, Mexico, and the European Union. 

President Trump announced that the U.S. will implement a 10% increase in tariffs on imported goods from China starting on March 4, 2025. In response, China is preparing retaliatory tariffs against the U.S. One of the key reasons cited by Trump for the increase of tariffs is the influx of fentanyl from China into the United States, which he claims is a significant concern.

Starting April 4, Trump says the U.S. plans to impose a 25% tariff on imports from Mexico, Canada (beginning April 2), and EU nations beyond China. President Trump justified this move by stating, "The EU was formed to screw the United States, that's its purpose." This statement reflects Trump's long-standing criticism of the U.S.-EU trade relationship, which he believes is unfair to the United States.

Brown University Professor of Economics sebnem Kalemli-Ozcan stated, "Implementing this on other countries will hurt America. America is a trade-deficit country, meaning we import more than we export". Since a massive part of American industry is dependent on imported goods, her insight towards not only this affects counterpart countries but also will lead to a decrease in America's investment and a decline in jobs. 

Korea is unlikely to be an exception to these tariffs. Thus, the country must prepare alternative strategies. Although Korea has not received a definitive answer regarding tariff exemptions, the Secretary emphasized the importance of global cooperation in finding a solution that benefits all parties. 

Korea is exploring ways to maintain a trade balance to counteract the economic impact, such as increasing U.S. energy imports. Additionally, Korean automakers plan to expand production facilities within the United States to offset potential tariff increases.
Furthermore, Trump has indicated that discussions on tariffs for automobiles and semiconductors will occur in March.

Since taking office, Trump has moved swiftly to impose tariffs, raising urgent concerns about the economic ripple effects on the World. As global trade tensions rise, the World must act promptly to develop strategic countermeasures to protect its economy from potential disruptions.