South Korea says trade deal stands despite Trump’s tariff hike

South Korea said Tuesday it remains committed to a trade deal with Washington after US President Donald Trump announced plans to raise tariffs on the Asian ally, local media reported.

Presidential spokesperson Kang Yu-jung said the tariff hike would take effect only after administrative procedures and that Seoul would respond "calmly" to Trump's announcement, Yonhap News Agency reported.

"The government will convey its commitment to implementing the deal to the US side," Kang said.

The presidential office said South Korea has not yet received any official notification from Washington regarding the proposed tariff increase.

On Monday, Trump announced higher tariffs on South Korean goods, accusing Seoul's legislature of failing to approve a previously agreed trade deal. He said tariffs would be raised from 15% to 25% on autos, lumber, and pharmaceuticals.

Trump appeared to be referring to a pending investment bill that the ruling Democratic Party plans to review and vote on next month, seeking bipartisan support from the opposition.

In November last year, Seoul and Washington signed a memorandum of understanding formalizing South Korea's $350 billion investment pledge in exchange for lower US tariffs.

Under the agreement, South Korea is to invest $200 billion in cash installments, capped at $20 billion annually, along with $150 billion for bilateral shipbuilding cooperation. In return, Washington reduced reciprocal tariffs on South Korean imports to 15%, as agreed last July.