South Korea Seeks Tariff Exemption from the U.S.

South Korea’s trade minister has requested that his U.S. counterpart exempt the nation from reciprocal tariffs set to take effect in April, as stated by the trade ministry on Saturday.

During his recent trip to Washington, Trade Minister Cheong In-kyo met with U.S. Trade Representative Jamieson Greer, emphasizing that South Korea should not face unfavorable treatment, according to a ministry statement.

U.S. President Donald Trump has announced reciprocal tariffs on all U.S. trading partners starting April 2.

Earlier this month, Trump specifically highlighted South Korea for imposing high tariffs, claiming that the tariffs from the U.S. ally were four times greater than those of the United States.

Seoul has contested this assertion. As of 2024, South Korea’s effective tariff rate on U.S. imports was reported to be 0.79%, thanks to the free trade agreement between the two countries, according to the South Korean government.

The trade ministry noted, “Both sides agreed to continue discussions aimed at achieving constructive and mutually beneficial advancements regarding tariff and non-tariff measures in the future.”

South Korea’s acting President Choi Sang-mok, who indicated that Trump’s America First policies were directed at Seoul, has instructed the government to engage more proactively with the U.S. administration to clarify any misunderstandings related to tariffs.

Leave a Reply

Your email address will not be published. Required fields are marked *