Trump indicated that tariffs of 150% to 300% could be imposed on foreign companies that refuse to build factories in the United States within approximately 18 months, further increasing pressure on countries including South Korea.
At a rally in Vandalia, Ohio, Trump said foreign companies that refuse to build factories in the United States could be given a grace period of approximately 18 months before facing tariffs of 150% to 300%. He called for support for Republican candidates ahead of the midterm elections and was said to have increased pressure on trading partners.
He positioned tariff threats as a core part of his economic record and claimed that he had used tariffs for years, singling out South Korea, China, Japan and Canada. He said tariffs would be increased in stages if factories were not built in the United States within the specified period.
The remarks came the day after he increased pressure on South Korea over the Alaska LNG project. Last year, South Korea had agreed to revise some product tariffs in exchange for investment in the United States. South Korea has put forward a package valued at approximately $350 billion, including shipbuilding cooperation and strategic investment.
Debate over the economics of Alaska LNG has focused on its feasibility, with project costs estimated at $44.5 billion to $54.5 billion and long-term purchase agreements and advanced seismic design required. South Korea has questioned the project's commercial rationale while acknowledging that a withdrawal of its investment could lead to renewed tariff pressure.