SerpApi.Org
Korea's presidential office said Wednesday it is closely watching U.S. trade policy as a deadline looms for Washington's global tariffs, and the fate of the 15 percent tariff cap Korea negotiated with the United States hangs in the balance.
"As the end date for the global tariff approaches, the government is swiftly tracking related developments," the Blue House statement reads, referring to the Donald Trump administration's tariff actions under Section 301 of the U.S. Trade Act, which grants the president the explicit authority to negotiate international trade agreements and modify U.S. tariff rates. "The U.S. government has consistently expressed its position that it will honor the Korea-U.S. tariff agreement."
Industry Minister Kim Jung-kwan and his chief trade negotiator Yeo Han-koo, who are traveling to Washington this week, plan to discuss the matter with the U.S. Department of Commerce and U.S. Trade Representative (USTR).
The 10 percent global tariff the Trump administration imposed after the U.S. Supreme Court ruled its earlier reciprocal tariffs unlawful in February is set to expire on Friday. To prepare a replacement tax, USTR started an official investigation in March into foreign countries using unfair trade practices, specifically focusing on overproducing cheap goods and using forced labor.
The USTR is expected to announce details as early as this week, and the central question is whether the 15 percent cap Korea and the United States previously agreed to in trade talks will hold.
BY JEONG HYE-JEONG [[email protected]]
