Korean won falls below 1,470 won mark on Trump tariffs
U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., April 2. Reuters-Yonhap
The Korean currency opened markedly lower against the U.S. dollar Thursday, falling below the 1,470 won mark again amid growing concerns over the impact of the Donald Trump administration's sweeping tariff scheme.
The Korean won opened at 1,471 won per dollar, down 4.4 won from the previous session.
The local currency has flirted with the 1,470 won level against the greenback recently, a level unseen in about 16 years since March 2009, when the country was grappling with the aftermath of the global financial crisis.
The won's weakness came as Trump announced plans to impose a 10 percent "baseline" tariff on imports from all foreign countries, as well as "reciprocal" tariffs, including 25 percent duties for Korea.
The baseline and reciprocal tariffs will come into force on Saturday and next Wednesday, respectively. (Yonhap)