Seoul, April 4 (Yonhap) — The South Korean Ministry of Trade, Industry and Energy (MOTIE) announced today that the U.S. government has confirmed a 25% countervailing duty on South Korean products imported into the United States. This confirmation resolves a period of uncertainty stemming from conflicting information released by the U.S. administration.
The issue arose when a chart displayed by former U.S. President Donald Trump at the White House indicated a 25% tariff rate on South Korean goods, a figure that initially differed from the 26% listed in the annex to the countervailing duty executive order. This discrepancy triggered immediate confusion and prompted the South Korean government to seek clarification through diplomatic and trade channels.
According to a MOTIE official, the U.S. government has now verified the 25% rate. The official declined to specify the exact channels through which the information was obtained.
The White House website has since been updated to reflect the confirmed 25% tariff rate in the executive order’s annex, correcting the initial figure of 26%.
This confirmation brings clarity to the trade relationship between the two countries, allowing South Korean exporters to better understand and navigate the new tariff landscape. The implications of this 25% duty on specific South Korean industries and the overall trade balance between the U.S. and South Korea remain to be seen and will likely be the subject of further analysis.
References:
- Yonhap News Agency. (2024, April 4). 美政府最终证实对韩输美产品征收25%对等关税 [US Confirms 25% Countervailing Duty on South Korean Imports]. Retrieved from [Insert Original Article URL Here – If Available Online]
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