South Korea to Ensure Tariff Balance Amid US Forced Labor Probe
Hızlı Bakış
South Korea's presidential office, Cheong Wa Dae, stated it will strive to maintain the benefit balance of the existing South Korea-U.S. tariff agreement after Washington proposed additional duties on goods from 60 economies due to alleged failure to ban forced labor imports.
Yapay zekâ özeti
Neden Önemli?
The U.S. Trade Representative's Office (USTR) has proposed additional tariffs on goods from 60 economies, including South Korea, China, and Japan, due to alleged failures to ban imports produced with forced labor. This action follows a Section 301 investigation initiated in March.
SEOUL, June 3 (Yonhap) -- Cheong Wa Dae said Wednesday the government will do its best to ensure that the balance of benefits under the existing South Korea-U.S. tariff agreement will not be compromised after Washington proposed additional duties on goods from 60 economies following a forced labor probe.
The Office of the U.S. Trade Representative (USTR) proposed imposing tariffs of 10 percent, or 12.5 percent, on imported goods from 60 economies over their alleged failure to enforce an import ban on goods produced with forced labor. South Korea, China and Japan are among 54 economies that would be subject to an additional 12.5 percent tariff.
An official at South Korea's presidential office said the government has been closely communicating with the U.S. after the USTR opened an investigation under Section 301 of the 1974 Trade Act in March into 60 economies over an alleged failure to ban forced labor-linked imports.
"The government will actively respond by submitting a written opinion and holding a public hearing, and comprehensively consider the USTR's ongoing Section 301 investigation into excess production," the official said.
In March, the USTR separately opened a trade inquiry into South Korea, China, Japan and 13 other economies to determine alleged "unfair" trade practices related to "structural" excess capacity and production.
South Korea and the U.S. reached the bilateral tariff agreement last year, under which Washington agreed to lower its "reciprocal" tariffs from 25 percent to 15 percent, in exchange for Seoul's US$350 billion investment in the U.S.
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South Korea will actively participate in the USTR's public hearing and submit written opinions.
Çok muhtemel · Haftalar içinde
The USTR will make a final decision on the additional tariffs.
Muhtemel · Aylar içinde
Açık Sorular
- Will South Korea's response and submissions to the USTR alter the proposed tariffs?
- What specific goods will be targeted by the additional tariffs?
- How will this affect the broader South Korea-U.S. trade relationship beyond the existing tariff agreement?
- What are the specific details of the 'structural' excess capacity and production inquiry?
