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Photo = Yonhap news |
[Alpha Biz= Kim Sangjin] The Korean won-to-US dollar exchange rate dropped to the 1,430-won range on the day of Donald Trump’s inauguration as U.S. President.
After nearly a month of trading above 1,450 won, the rate declined sharply when Trump refrained from implementing universal tariffs on his first day in office.
On Tuesday, the won-dollar exchange rate closed at 1,439.5 won on the Seoul foreign exchange market, down 12.2 won from the previous day's weekly closing price. This marked the lowest weekly close since December 18, when it stood at 1,435.5 won.
The exchange rate had been under upward pressure due to Trump’s campaign pledges to impose universal tariffs. However, the absence of immediate action on his first day in office caused the rate to fall to as low as 1,432.90 won.
During his campaign, Trump had proposed a 10–20% universal tariff on all imports and a 60% tariff on Chinese goods. On January 20 (local time), however, he stated that the tariff plans were "not ready yet."
Despite this, subsequent reports indicated that a 25% tariff on goods from Mexico and Canada would be implemented starting February 1, causing the exchange rate to rebound and fluctuate, reaching as high as 1,443.90 won.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
