Seoul: The South Korean currency traded significantly lower against the U.S. dollar Monday amid concerns over the impact of the Donald Trump administration's sweeping tariff scheme. The Korean won opened at 1,462.0 won per dollar, down 27.9 won from the previous session, and weakened further to 1,468.65 won as of 10 a.m.

According to Yonhap News Agency, the won's decline came as Trump pledged to impose "reciprocal" tariffs on imports from most of the world, including 25 percent duties on South Korean goods, which are set to take effect on Wednesday (U.S. time). He also implemented a 10 percent "baseline" tariff on foreign imports starting Saturday.

The local currency has recently approached the 1,470 won level against the greenback, a level last seen in March 2009, when the country was dealing with the aftermath of the global financial crisis. Experts have warned of market volatility amid uncertainties stemming from the tariff policy and the domestic political situation.

On Friday, the won posted its sharpest gain in about 2 1/2 years against the U.S. dollar and was quoted at 1,434.1 won, the highest level since late February, following the Constitutional Court's decision to remove President Yoon Suk Yeol from office. Trump's tariff policy also impacted the local stock market Monday, with the benchmark Korea Composite Stock Price Index (KOSPI) sinking 5.09 percent as of 10 a.m.

Trump has defended his policy, saying, "Sometimes you have to take medicine to fix something," according to foreign media reports.