The South Korean government announced that the United States has confirmed its dedication to upholding the existing Seoul-Washington tariff deal concerning the recently introduced Section 301 tariffs on trade partners. The Ministry of Trade, Industry, and Resources stated that they have urged the U.S. to adhere to the Korea-U.S. trade agreement, which established reciprocal tariffs on South Korean goods at 15 percent. Additionally, Washington unveiled new forced-labor tariffs on imports from 60 trade partners, ranging from 10 percent to 12.5 percent, effective immediately.
The U.S. also restated its stance on maintaining the current trade agreement, as reported by Yonhap news agency. The recent tariffs were introduced after the expiration of temporary 10 percent global tariffs, following the Supreme Court’s decision to invalidate the reciprocal tariffs imposed by the Trump administration. South Korea, along with Japan and Switzerland, is now subjected to 12.5 percent tariffs under the new arrangement.
In light of the U.S. announcement, the South Korean trade ministry anticipates a reduction in uncertainty surrounding American tariff measures post the Supreme Court’s ruling. During pre-announcement discussions, Korean officials emphasized that Section 301 tariffs should not surpass 15 percent in compliance with the Seoul-Washington tariff pact. Last year, South Korea exported $122.9 billion to the U.S. and imported $73.4 billion, making the U.S. its second-largest trading partner.
The ministry affirmed that they will actively engage in the ongoing Section 301 investigation into overproduction. They also pledged to maintain close consultations with the U.S. to ensure the preservation of the balance of interests established through the existing Korea-U.S. tariff agreement.
