Soul: South Korea will totally study non -tariff limitations and different vulnerabilities to answer a United States plan to introduce mutual charges, mentioned the president of the nation’s appearing on Friday (February 14).
The President of the United States Donald Trump has commissioned his economic system group on Thursday to develop plans for mutual charges on all nations that tax US imports, with potential goals together with South Korea, China, Japan and the European Union.
“The affect of mutual tariff measures might not be huge on our economic system, since tariff charges are low because of the free commerce in Usa settlement,” mentioned Choi Sang-Mok, Finance Minister who’s president to Interim.
“However, for the reason that United States mentioned to additionally consider non -tariff limitations, together with taxes and worth -added taxes on digital companies, it’s vital to observe the state of affairs.”
Among the primary 15 US business companions, the tariff charges of South Korea are the very best after India, however nearly all have been eradicated by the free commerce pact signed for the primary time in 2007 and revised in 2018 in the course of the first time period by Trump.
Economists mentioned that the pact may assist mitigate the nation’s publicity to mutual charges threatened by Trump, with the Kospi reference level that will increase by nearly 3 % this week on the highest stage for the reason that starting of November.
Choi mentioned that the federal government would reply to Trump’s tariff plan by figuring out the important thing areas of US curiosity and getting ready explanatory materials concerning the non -tariff limitations of South Korea for the Trump administration.
The common tariff fee of South Korea for imports from the United States was 0.79 p.c ranging from 2024 and needs to be decrease this yr, with out duties on artifacts, mentioned the Ministry of Finance in a separate declaration.
