Korea says US to honor 15% tariff cap regarding new Section 301 duties
ONP Summary
Trump's administration announced new tariffs of 10-12.5% on approximately 60 countries, replacing a universal tariff that expired after the Supreme Court rejected its legal basis. The action affects numerous nations including European Union members and is justified as addressing inadequate forced labor protections.
Progressive:Trade war escalation — progressive outlets frame Trump's move as resuming aggressive commercial conflict after a Supreme Court setback, continuing an escalatory campaign.
Conservative:Forced labor enforcement — conservative outlets characterize the tariffs as Trump addressing inadequate labor protections in affected countries.
The Korean government said Friday that the United States has reaffirmed its commitment to honoring the existing Seoul-Washington tariff agreement regarding newly announced Section 301 tariffs on trading partners.
"We have requested that the U.S. side comply with the Korea-U.S. trade agreement," said the Ministry of Trade, Industry and Resources in a statement, referring to the tariff agreement reached last year that set reciprocal tariffs on South Korean goods at 15 percent.
"The U.S. side also reaffirmed its position that the existing trade agreement must be upheld," it added.
Washington announced overnight a set of new forced-labor tariffs on imports from 60 trade partners, ranging from 10 percent to 12.5 percent, effective Friday (U.S. time), under Section 301 of the 1974 Trade Act.
The new tariffs were announced after temporary 10 percent worldwide tariffs expired Friday, following the Supreme Court's decision in February to strike down the Trump administration's reciprocal tariffs.
Under the new scheme, South Korea is subject to 12.5 percent tariffs along with Japan and Switzerland.
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