The Blue House stated on June 3 that it will take all necessary measures to ensure that the balance of benefits from the existing Korea-U.S. tariff agreement is not disrupted, following the U.S. Trade Representative's (USTR) announcement of high additional tariffs on South Korea and 59 other trading partners.
A Blue House official said in a press release that the government will actively respond to the upcoming public comment period and hearing scheduled for July, while also considering the ongoing Section 301 investigation into overproduction.
On June 2, the USTR announced the results of its investigation under Section 301, citing insufficient efforts by countries to prevent the import of goods made with forced labor, which has created an unfair competitive environment.
The USTR proposed additional tariffs of 10% or 12.5% by country, with South Korea facing a 12.5% rate. This decision comes approximately three months after the USTR initiated its related investigation.
Last year, South Korea committed to a total investment of $350 billion (approximately 534 trillion won) in the U.S. during tariff negotiations, successfully reducing the previously announced 25% reciprocal tariff to 15%. Currently, like other countries, South Korea is subject to a temporary 10% global tariff.
The USTR plans to finalize the implementation of the proposed measures based on the findings of the forced labor investigation after gathering public input during the hearing scheduled for July 7.
The Blue House official explained that since the USTR initiated the Section 301 investigation into the import ban on products made with forced labor on March 12, the government has been in close communication with the U.S. through public comments and bilateral consultations.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.