U.S. Government Reaffirms Commitment to 15% Tariff Cap with South Korea Amid New Section 301 Duties
The United States has confirmed its commitment to maintaining a 15% tariff cap on South Korean goods, as per the existing Seoul-Washington trade agreement. This comes in light of newly announced Section 301 tariffs on imports from 60 trade partners, which range from 10% to 12.5%. The announcement follows the expiration of temporary 10% worldwide tariffs and a Supreme Court decision that struck down previous reciprocal tariffs. South Korea, along with Japan and Switzerland, is subject to a 12.5% tariff under the new scheme. The South Korean government, led by Industry Minister Kim Jung-kwan, has been in talks with U.S. officials to ensure that any tariffs resulting from ongoing investigations into forced labor and excess industrial capacity remain within the agreed 15% ceiling. 
