The White House announced on Friday tariffs of 25 percent on Mexican and Canadian goods and 10 percent on Chinese imports, affecting trade worth about $1.3 trillion annually.
South Korean exporters face a double hit from the tariffs, both directly on their U.S. semiconductor sales and through their Mexican operations where Korean firms have invested $396 million as of 2022.
About 2,000 Korean companies, including Samsung, LG, and Kia Motors operate in Mexico, making them vulnerable to the 25 percent tariff on Mexican goods.
"No, no. Not right now, no," Trump said at the White House when asked if Canada and others could prevent the tariff implementation, adding, "We have big (trade) deficits with, as you know, with all three of them."
The president also indicated plans to expand tariffs to the European Union and signaled additional duties on semiconductors, steel, aluminum, and pharmaceuticals within months.
Oil and gas sectors would face new tariffs around Feb. 18, according to the president's timeline, further broadening the scope of his trade actions.
Canada and Mexico, integrated with U.S. supply chains through the USMCA trade agreement, have already announced plans for retaliatory measures.
"We're ready with a response - a purposeful, forceful but reasonable, immediate response. It's not what we want, but if he moves forward, we will also act," Canadian Prime Minister Justin Trudeau said in response to the announcement.
The move represents a rapid implementation of Trump's campaign promises, coming just eleven days into his presidency, compared to the year-long delay before initiating his first trade war with China during his previous term.
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