Key facts
- The U.S. announced new forced-labor tariffs ranging from 10% to 12.5% on 60 trade partners.
- South Korea's trade ministry stated the U.S. reaffirmed its commitment to the existing 15% tariff cap agreement.
- South Korea's Industry Minister Kim Jung-kwan emphasized that Section 301 tariffs must not exceed 15% during bilateral talks.
- The U.S. is South Korea's second-largest trading partner, with $122.9 billion in exports and $73.4 billion in imports last year.
South Korea's government announced that the United States has reaffirmed its commitment to the existing Seoul-Washington tariff agreement, which sets reciprocal tariffs at 15 percent. The Ministry of Trade, Industry and Resources stated that the U.S. side confirmed the existing trade agreement must be upheld.
This assurance comes as Washington announced new forced-labor tariffs on imports from 60 trade partners, ranging from 10 percent to 12.5 percent, effective Friday. These new tariffs were introduced after temporary 10 percent worldwide tariffs expired, following a Supreme Court decision that struck down previous reciprocal tariffs.
During bilateral talks prior to the announcement, South Korean officials, including Industry Minister Kim Jung-kwan, stressed that any Section 301 tariffs should not exceed the 15 percent limit stipulated in the existing agreement. The trade ministry anticipates that the U.S. announcement will reduce uncertainty regarding U.S. tariff measures.
The U.S. is South Korea's second-largest trading partner, with bilateral trade totaling $122.9 billion in exports from South Korea and $73.4 billion in imports last year. The ministry indicated it will actively respond to the ongoing Section 301 investigation into overproduction and continue close consultations with the U.S. to maintain the balance of interests established by the current tariff agreement.