The United States has adjusted its metal tariffs, which is expected to lessen the administrative load on South Korean companies. Trade Minister Yeo Han-koo mentioned that the impact may vary by item but assured efforts to assist companies in reducing their burden. The recent simplification of US tariffs on steel, aluminum, and copper imports to be based on their “full customs value” is seen as a positive move.
With the streamlining of US tariffs, it is anticipated that the overall administrative burden on domestic companies and uncertainties related to customs clearance will decrease. The number of products subject to metal tariffs has decreased by 17 percent under the new US system, with certain items like cosmetics, chemical, and furniture being excluded from the list. However, caution is advised as the US may add more items to the list of derivatives subject to tariffs after a system review.
South Korea and the US engaged in talks to elaborate on a technology cooperation agreement signed last year. The meeting, conducted virtually, marked the establishment of a working group on the Technology Prosperity Deal signed during a summit in Gyeongju. Discussions in the meeting revolved around the structure, operation, final goals, and areas of cooperation through related activities.
