Anchor: U.S. President Donald Trump has announced sweeping new tariffs on various U.S. trading partners during the “Make America Wealthy Again” event at the White House Rose Garden. The U.S. will impose 26 percent reciprocal tariffs on imports from South Korea. 
Kim Bum-soo has more.

Report: 

[Sound bite: White House “Make America Wealthy Again” event, April 2]
“So if you look at that … China, first row …” 

U.S. President Donald Trump held up a chart showing how much the U.S. would charge its trade partners in reciprocal tariffs. 

Trump signed an executive order on Wednesday charging a ten percent “minimum baseline tariff,” plus higher rates on dozens of countries that run trade surpluses with the U.S.

The rate stands at 26 percent for South Korea, according to the White House.  

[Sound bite: US President Donald Trump]
“I think, in other words, they charge us, we charge them, we charge them less. So how can anybody be upset? They will be, because we never charge anybody anything. But now we’re going to charge.”

The U.S. is charging 34 percent tax on China, 20 percent on the European Union, 24 percent on Japan and 32 percent on Taiwan.

Speaking at the White House Rose Garden, Trump also blamed South Korea and Japan for shipping too many cars to the U.S.

[Sound bite: US President Donald Trump]
“... And perhaps worst of all are the non-monetary restrictions imposed by South Korea, Japan and very many other nations. As a result of these colossal trade barriers, 81 percent of the cars in South Korea are made in South Korea. 94 percent of the cars in Japan are made in Japan ...”

According to a White House fact sheet on Wednesday, Trump’s reciprocal tariffs targeting specific countries will not be added onto existing duties on steel, aluminum, autos and auto parts already subject to tariffs. 

Trump’s announcement came amid widespread opposition from his countries’ trading partners and concerns that the new taxes could lead to higher prices and dampened demand.

Economics professor Thomas Bridges believes this may be a turning point for the U.S.-led globalized system. 

[Sound bite: Professor Thomas Bridges – Economics, University of Delaware]
“... the foundation for a strong global economy is when nations can specialize in the production of goods or services that they can do best. And having no barriers to trade, you know, makes the economy more efficient and provides sort of a solid foundation. So my concern would be that if these tariffs are long lasting, it could have quite significant effects on, you know, the foundations of global economies.”

The White House maintains that the tariffs will restore vital manufacturing capabilities in the United States, while many economists argue that they risk causing a global recession. 
Kim Bum-soo, KBS World Radio News.