Seoul: The presidential office announced plans to engage in close consultations with the United States to maintain the current U.S. import tariffs on South Korean goods at 15 percent. This announcement follows Washington's recent decision to implement new tariffs of up to 12.5 percent on its trading partners, including South Korea.
According to Yonhap News Agency, the response from Cheong Wa Dae came after Washington's declaration to impose these tariffs on 60 trading partners due to concerns over forced labor, as specified under Section 301 of the 1974 Trade Act. Last year, through negotiations, Seoul and Washington agreed to reduce U.S. reciprocal tariffs on South Korean products to 15 percent.
The new tariffs related to forced labor, when combined with anticipated excess production duties from Washington, could elevate the overall tariff rate above the agreed 15 percent. The presidential office emphasized its commitment to holding thorough consultations with the U.S. to ensure adherence to the previously established 15 percent tariff rate, highlighting a mutual understanding between the two nations that their tariff agreement should be respected.