The US has suspended “reciprocal tariffs” on dozens of countries, including South Korea and Vietnam, until July but a minimum 10 per cent duty still applies and is likely to increase prices of Samsung’s various consumer electronics such as smartphones and TVs.

The South Korean company posted a record quarterly revenue, up 10% from a year earlier, while its first-quarter operating profit climbed 1.5%.

First-quarter net profit was stronger than expected as weak earnings at its core semiconductor business were offset by solid gains in its smartphone segment.