U.S. announces to South Korea 12.5% additional tariff…trade chief holds urgent meeting
The Office of the U.S. Trade Representative (USTR) announced a 12.5% additional tariff on South Korea for products made with forced labor. The Ministry of Trade said that Trade Minister Yeo Han-koo met with the USTR representative in Paris and requested consultations within the framework of the U.S.-Korea tariff agreement.
The U.S. Trade Representative (USTR) announced the results of an investigation restricting imports of products made with forced labor and announced a 12.5% additional tariff on South Korea. South Korea was included among the countries subject to the measure. The announcement was made at the beginning of the month.6month.
The USTR was reported to have announced additional tariffs targeting multiple economies. It was announced that South Korea would receive 12.5% in the applicable group. The government began responding after learning of the announcement.
Yeo Han-koo, head of the Office of Trade Negotiations at the Ministry of Trade, Industry and Energy, met with USTR Representative Jamieson Greer in Paris. The meeting took place on 6 month 3 day (local time) on the occasion of Yeo's attendance at the OECD Ministerial Council meeting. Yeo conveyed South Korea's position that the balance of interests must be maintained under the U.S.-Korea tariff agreement.
The Ministry of Trade, Industry and Energy said Vice Minister Yeo 301had directly ascertained the background of the Jo investigation’s findings and the plans for its progress. The U.S. side said it had reaffirmed its intention to comply with the U.S.–Korea tariff agreement. The two sides reviewed the status of implementing the agreements reached by the leaders of the two countries last year.
The government said it would hold additional discussions with the USTR soon. The Ministry of Trade, Industry and Energy said it would respond calmly to the remaining 301procedures related to Jo and maintain close communication. Importers, exporters and relevant industries are watching the announcement and the results of consultations between the government and the United States.