Key facts
- South Korea's presidential office will consult with the U.S. to maintain the current 15 percent tariff rate.
- Washington announced new tariffs of up to 12.5 percent on South Korean goods due to forced labor concerns.
- The current tariff agreement between the two nations was set at 15 percent last year.
- The presidential office cited a mutual understanding to honor the existing tariff agreement.
The presidential office of South Korea announced on Friday that it will engage in close consultations with the United States to ensure that U.S. import tariffs on South Korean goods remain at the current level of 15 percent. This statement follows Washington's recent announcement of new tariffs, potentially reaching up to 12.5 percent, on approximately 60 trading partners, including South Korea. These new tariffs are being imposed over concerns related to forced labor, under Section 301 of the 1974 Trade Act. Last year, Seoul and Washington successfully reduced U.S. reciprocal tariffs on South Korean products to 15 percent through tariff negotiations. However, the combination of these new forced labor tariffs with anticipated excess production duties from Washington could potentially elevate the overall tariff rate above the agreed-upon 15 percent. The presidential office emphasized its plan to hold close consultations with the U.S. to uphold the mutually agreed-upon 15 percent tariff rate, referencing what it described as a mutual understanding between the two countries to honor their tariff agreement.