South Korea Seeks Exemption from U.S. Reciprocal Tariffs

South Korea Seeks Exemption from U.S. Reciprocal Tariffs

South Korea has formally requested an exemption from the United States’ planned reciprocal tariffs set to take effect in April, according to the country’s trade ministry.

During his visit to Washington this week, South Korean Trade Minister Cheong In-kyo met with U.S. Trade Representative Jamieson Greer and emphasized the need for fair treatment. The discussions come after U.S. President Donald Trump announced new tariffs on all trading partners from April 2, citing concerns over trade imbalances.

Trump recently pointed to South Korea’s tariff policies, claiming they were significantly higher than those imposed by the United States. However, the South Korean government disputed this assertion, stating that under the existing free trade agreement, the country’s effective tariff rate on U.S. imports stood at just 0.79% as of 2024.

The South Korean trade ministry stated that both countries agreed to continue discussions on tariff and non-tariff measures to ensure mutually beneficial trade relations. Meanwhile, Acting President Choi Sang-mok urged his government to strengthen diplomatic efforts to clarify South Korea’s trade stance and prevent potential misunderstandings with the U.S. administration.

The comments posted here are not from Cnews Live. Kindly refrain from using derogatory, personal, or obscene words in your comments.