South Korea Discusses Countermeasures Against Proposed US Tariffs

L'essentiel

South Korea's Trade Minister Yeo Han-koo met with officials to discuss countermeasures against proposed US tariffs on dozens of countries, including South Korea, over alleged failure to enforce import bans on products made through forced labor.

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Pourquoi c'est important

The U.S. Trade Representative's office proposed tariffs on dozens of countries for allegedly failing to enforce import bans on products made with forced labor.

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SEOUL, June 16 (Yonhap) -- South Korea's trade minister on Tuesday discussed countermeasures against Washington's proposed tariffs on dozens of countries, including Asia's fourth-largest economy, over their alleged failure to enforce import bans on products made through forced labor.

Trade Minister Yeo Han-koo met with officials from related ministries to discuss the progress of Seoul's talks with Washington regarding the issue, as well as follow-up measures, according to the Ministry of Trade, Industry and Resources, without elaborating on details.

The discussions came as the Office of the U.S. Trade Representative (USTR) recently proposed imposing tariffs of 10 percent or 12.5 percent on products from 60 trading partners over their alleged failure to enforce import bans on products made with forced labor.

South Korea is among the dozens of economies that would face the 12.5 percent levy.

"The government will work closely with related ministries, with national interests as the top priority, while enhancing the competitiveness of our businesses and diversifying export markets," Yeo was quoted as saying by the ministry.

During the meeting, the participants also reviewed the progress of trade deals currently under discussion, vowing to make swift progress in negotiations with Mongolia, as well as in talks on services and investment under the bilateral free trade agreement with China.