U.S. President Donald Trump’s sweeping new reciprocal tariffs on dozens of trading partners around the world officially took effect just after 1 p.m. Thursday, Korea Standard Time. 
   
As a result, higher tariffs ranging from a minimum of 10 percent to a maximum of 41 percent were applied to 68 countries and the European Union.

Duties on South Korea, which sends a large share of its products to the U.S., rose to 15 percent and will inevitably have a negative impact on the Asian economy’s export competitiveness and corporate profitability in the American market.
   
There are also concerns that manufacturing and job growth could stall in countries hit by Trump’s aggressive trade policy as major companies scramble to invest in the U.S. to avoid tariffs.

Trump has justified the tariffs as a way to confront “unfair tariff disparities and non-tariff barriers imposed by other countries,” claiming that persistent trade deficits pose a major threat to national security and the economy.

Most countries have been forced to lower their tariff rates with money, promising to make large-scale investments in the U.S. and purchase more U.S. goods.

South Korea agreed to a deal to lower its tariff rate from 25 percent to 15 percent on the condition that it invests 350 billion U.S. dollars in the United States and purchase energy products worth 100 billion dollars.

The government in Seoul says the investment will mostly take the form of loans and guarantees, while Trump says it is a “gift” that Washington does not have to pay back.

Trump, speaking in Washington on Wednesday, said he plans to impose a 100 percent tariff on semiconductors, with a related announcement on additional tariffs to come as early as next week.