Seoul will closely consult with the US to maintain the current 15% tariff rate amid new Washington duties of up to 12.5%.
SEOUL: The South Korean presidential office said Friday that it will closely consult with the United States to keep United States (US) import tariffs on the country’s goods at the current level of 15% after Washington announced new tariffs of up to 12.5% on trading partners.
According to Yonhap News Agency, the reaction from the presidential office came after Washington announced its decision to impose the new tariffs on 60 trading partners, including South Korea over forced labour concerns under Section 301 of the 1974 Trade Act.
Through tariff negotiations, Seoul and Washington reduced US reciprocal tariffs on South Korean goods to 15% last year.
The new forced labour tariffs, if combined with excess production duties that Washington is expected to impose soon, could push the overall tariff rate above 15%.
“(The government) plans to hold close consultations with the US to ensure that the mutually agreed 15% (tariff rate) is maintained,” the presidential office said, citing what it called a mutual understanding between the two countries that their tariff agreement should be honoured.
