Seoul: The government of South Korea has pledged to ensure that it receives fair treatment in a U.S. trade inquiry into trading partners, as stated by Finance Minister Koo Yun-cheol. The minister emphasized the nation's commitment to being treated no less favorably than other major economies amidst the ongoing investigation.
According to Yonhap News Agency, the Office of the U.S. Trade Representative (USTR) has initiated investigations into 60 economies, including South Korea. This move comes under Section 301 of the 1974 Trade Act, following the U.S. administration's efforts to implement new tariffs after the Supreme Court struck down previous reciprocal tariffs. The investigation aims to assess whether these nations have adequately addressed issues such as the importation of goods produced with forced labor.
Minister Koo Yun-cheol indicated that while the current U.S.-South Korea trade agreement's framework is expected to remain intact, the South Korean government is prepared to work collaboratively to ensure that the outcomes are not disadvantageous when compared to other major economies. He highlighted the importance of establishing a joint public-private response system to systematically address challenges like overproduction and forced labor at an interagency level. The countries under investigation include China, Japan, India, Indonesia, Britain, Australia, Canada, and Taiwan, among others.