South Korean auto, pharma stocks rattled after Trump threatens to impose 25% tariffs

South Korean automaker and pharmaceutical stocks were falling after President Donald Trump late Monday threatened to raise tariffs on some Korean imports to 25% because that country’s government has been too slow to approve a trade deal reached last year.

“South Korea’s Legislature is not living up to its Deal with the United States,” Trump said in a social-media post, noting that a trade agreement reducing U.S. tariffs from South Korea from 25% to 15% was reached last July, and reaffirmed in October. “Why hasn’t the Korean Legislature approved it?”