Seoul says it is already applying low duties on American products under the free trade agreement between the two nations.

Minutes from the Federal Reserve's January meeting released on Wednesday revealed members of its committee believe Trump's policies might "hinder the disinflation process". "Business contacts in a number of districts had indicated that firms would attempt to pass on to consumers higher input costs arising from potential tariffs,

Trump has previously announced 25% tariffs on steel and aluminum that are set to take effect in March. Tuesday’s comments are his most detailed yet in specifying other sectors to be hit with fresh barriers if implemented.

Donald Trump said on Tuesday he plans to impose a 25% tariff on auto, semiconductor, and pharmaceutical imports to the U.S. as early as April 2nd. The move follows his recent 10% tariff on Chinese goods and 25% steel and aluminum tariffs.