The Seoul government has officially submitted a letter to the US regarding ongoing trade probes into South Korea and other countries for alleged “unfair” trade practices. The Ministry of Trade, Industry, and Resources sent the letter to the US Trade Representative’s office before public hearings set to start next month. South Korea emphasized its market economy structure and efforts to restructure industries facing global oversupply like petrochemical and steel.
The letter also highlighted South Korea’s commitment to eliminating forced labor under both domestic laws and International Labor Organization conventions. The US Trade Representative’s office recently initiated trade inquiries into South Korea and other economies, focusing on issues like structural excess capacity, production, and the import of forced labor-related goods. This move is seen as an attempt to address trade measures imposed by the US before the Supreme Court invalidated former President Trump’s tariffs.
South Korean stocks saw a third consecutive rise, closing above 6,200 points for the first time since the US-Iran conflict outbreak, driven by optimism surrounding potential peace talks. The benchmark Korea Composite Stock Price Index (KOSPI) surged by 2.21% to end at 6,226.05, marking the first close above 6,200 since February 27. The index’s all-time high closing record stands at 6,307.27 set on February 26.
