Seoul: South Korea's industry minister announced on Thursday that the U.S. government is anticipated to release the results of its investigation into alleged overproduction under Section 301 of the Trade Act by the conclusion of this month. Minister of Trade, Industry and Energy Kim Jung-kwan shared this information during a forum organized by the Kwanhun Club, a journalists' association based in Seoul.
According to Yonhap News Agency, Minister Kim stated, "As we understand, the announcement is expected to be made by the end of August." He emphasized that South Korea is working diligently to ensure that any tariffs resulting from the ongoing investigation remain within the 15 percent ceiling established under the existing Korea-U.S. trade agreement.
Last month, the U.S. introduced a new set of tariffs on imports from 60 trading partners, ranging between 10 percent and 12.5 percent, following an investigation into forced labor under Section 301 of the Trade Act of 1974. In this new scheme, South Korea, along with Japan and Switzerland, is subject to 12.5 percent tariffs.
In addition to the investigation related to forced labor, the U.S. is scrutinizing 16 economies, including South Korea, for alleged excess industrial capacity under the same trade law. Minister Kim noted that both countries have agreed that any tariffs imposed under the Section 301 investigation would not exceed 15 percent, consistent with the Seoul-Washington tariff agreement concluded last year.
In the previous year, South Korea exported goods worth $122.9 billion to the United States and imported goods valued at $73.4 billion, establishing the U.S. as South Korea's second-largest trading partner.