Here’s a timeline of key events surrounding the trade agreement between South Korea and the United States, focusing on the tariff policies initiated by former US President Donald Trump. These policies now face potential challenges following a US Supreme Court ruling.
Jan. 20, 2025 — Donald Trump assumes office as the 57th President of the United States.
Feb. 10, 2025 — President Trump announces plans to impose a 25% tariff on all steel and aluminum imports to the US.
Feb. 13, 2025 — Trump signs a presidential memorandum to develop a plan for “reciprocal” tariffs, considering trading partners’ duties, non-tariff barriers, exchange rate policies, and other factors. Commerce Secretary Howard Lutnick announces the study on these new tariffs will be completed by April 1st.
March 12, 2025 — The United States begins implementing 25% tariffs on imported steel and aluminum.
March 26, 2025 — Trump announces a 25% tariff on all foreign-made cars and car parts, effective April 3rd.
March 30, 2025 — Trump declares plans to impose a 10% baseline tariff on all imports, coupled with country-specific “reciprocal tariffs,” starting April 2nd.
April 2, 2025 — Trump unveils “reciprocal” tariff rates for major trading partners, including a 25% duty for South Korea.
April 9, 2025 — Trump announces a 90-day suspension of reciprocal tariffs for all countries except China. Tariffs on Chinese goods are increased to 145%.
April 24, 2025 — Deputy Prime Minister Choi Sang-mok and Industry Minister Ahn Duk-geun hold “2+2” trade talks with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer in Washington, D.C.
June 3, 2025 — Lee Jae Myung is elected President of South Korea, succeeding Yoon Suk Yeol after his removal from office following a declaration of martial law.
June 24, 2025 — Trade Minister Yeo Han-koo visits the United States, requesting an exemption for South Korea from the US tariff scheme during meetings with USTR Greer and Commerce Secretary Lutnick.
July 8, 2025 — Minister Yeo returns to the US to meet with government officials, including Lutnick and Greer, to discuss tariff issues and industrial cooperation.
July 8, 2025 — President Trump sends a letter to President Lee, stating the US will impose a 25% tariff on South Korea beginning August 1st.
July 23, 2025 — Minister Yeo travels to Washington and meets with USTR Greer.
July 24, 2025 — Industry Minister Kim Jung-kwan visits the US to join Minister Yeo for trade negotiations with Secretary Lutnick.
July 25, 2025 — Ministers Kim and Yeo travel to New York to continue negotiations with Secretary Lutnick.
July 27, 2025 — Ministers Kim and Yeo travel to Scotland for further tariff negotiations with Secretary Lutnick.
July 29, 2025 — The South Korean trade delegation, including Finance Minister Koo Yun-cheol, meets with Secretary Lutnick and USTR Greer for further trade negotiations.
July 30, 2025 — The South Korean trade delegation meets with President Trump at the White House. Following the meeting, Trump announces a trade deal with South Korea to lower “reciprocal” tariffs to 15% in exchange for a $350 billion investment commitment in the US and other pledges.
Aug. 26, 2025 — Presidents Lee and Trump hold a summit in Washington, endorsing the outcome of the tariff deal. The South Korean presidential office states that the two nations are working on a non-binding memorandum of understanding (MOU) after finalizing the details.
Sept. 12, 2025 — Minister Kim visits the US for follow-up talks with Secretary Lutnick to resolve differences on the details of the trade agreement, including South Korea’s pledge to invest $350 billion in the US in return for lowering the “reciprocal” tariffs from 25% to 15%.
Sept. 16, 2025 — Minister Yeo visits the US for follow-up discussions with USTR Greer regarding tariff issues. Concurrently, the US reduces tariffs on Japanese automobiles from 27.5% to 15%.
Sept. 22, 2025 — President Lee emphasizes the need for South Korea to secure financial mechanisms, such as a currency swap arrangement with the US, to fulfill Washington’s investment demands, warning of a potential crisis similar to the 1997 financial crisis without such measures.
Sept. 25, 2025 — President Trump describes South Korea’s $350 billion investment commitment as “up front,” stating that his administration is receiving “tremendous” amounts of money due to his tariff policy.
Oct. 4, 2025 — Minister Kim and Secretary Lutnick meet in New York to discuss tariff issues. Upon returning to South Korea, Minister Kim informs reporters that the two countries have reached a broad understanding regarding the sensitivity of Seoul’s foreign exchange market.
Oct. 16, 2025 — Minister Kim and Secretary Lutnick hold another round of talks in Washington. Minister Yeo, Finance Minister Koo, and Kim Yong-beom, presidential chief of staff for policy, are also in the US for meetings with US officials to finalize the details of the agreement.
Oct. 25, 2025 — President Trump states in a press meeting aboard Air Force One that a trade deal with South Korea is “pretty close to being finalized” and he is “ready” if Seoul is ready to finalize the details of the framework deal.
Oct. 26, 2025 — President Lee states in an interview with Bloomberg that South Korea and the US remain deadlocked on key details regarding Seoul’s $350 billion investment pledge, though he believes they will be able to reach a “rational result.”
Oct. 29, 2025 — South Korea and the US announce a trade deal at a summit between Presidents Lee and Trump on the sidelines of the Asia-Pacific Economic Cooperation gathering in Gyeongju. The agreement entails a $200 billion cash investment from Seoul to the US, capped at $20 billion annually, as part of a larger $350 billion investment package. The remaining $150 billion is allocated for shipbuilding cooperation projects.
Nov. 14, 2025 — South Korea and the US release a joint fact sheet outlining the details of the summit agreements, encompassing their commitments in tariffs and other areas.
Dec. 4, 2025 — The US publishes a Federal Register notice implementing portions of its trade agreement with South Korea, including a 15% tariff on Korean automobiles, applied retroactively to November 1st.
Jan. 27, 2026 — President Trump announces an increase in “reciprocal” tariffs and auto duties on South Korea to 25% from 15%, arguing that the South Korean legislature has not yet completed the domestic process to implement the bilateral trade deal.
In response, the Blue House (Cheong Wa Dae) states that South Korea will reaffirm its commitment to the US to implement the trade deal with Washington.
Jan. 28, 2026 — President Trump states that his administration will work “something” out with South Korea regarding the tariff agreement, without providing specifics.
Feb. 21, 2026 — The US Supreme Court upholds a lower court’s ruling against President Trump’s use of the 1977 International Emergency Economic Powers Act to justify his “reciprocal” tariffs on South Korea and other trading partners, marking a significant setback to his trade policy.
In response, President Trump signs a proclamation to impose a new 10% global tariff and vows to take other measures to replace the sweeping emergency duties struck down by the Supreme Court.
