Korean Won Tanks To Yearly Low Amid Trump Tariff Woes

Seoul: The South Korean currency weakened sharply against the US dollar on Monday on growing concerns about the impact of the Donald Trump administration’s sweeping tariff plan on the South Korean economy and businesses.

The Korean won opened at 1,466 won per dollar, down 13.3 won from the previous session, and fell further to 1,471.35 won as of 10 a.m.

Monday’s reading was the lowest level so far this year, as the previous yearly low was 1,470.8 won quoted on January 13, reports Yonhap news agency.

The local currency has stayed near the 1,450 won level since December, the lowest level since March 2009 in the aftermath of the global financial crisis, due to the continued strengthening of the dollar amid Trump’s tariff warnings and a domestic political crisis sparked by President Yoon Suk Yeol’s martial law imposition.

On Saturday (US time), Trump announced he will impose 25 per cent tariffs on imports from Canada and Mexico and 10 per cent on goods from China starting from Tuesday. He also pledged to place new tariffs on goods from the European Union.