Lead
The South 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, according to the Ministry of Trade, Industry and Resources.
Coverage Comparison
Reports from Yonhap News — English describe the U.S. announcement of new tariffs under Section 301 of the 1974 Trade Act, affecting imports from 60 trade partners with rates ranging from 10 percent to 12.5 percent. South Korea is subject to a 12.5 percent tariff, a level shared with Japan and Switzerland, the reports state.
The announcements came after temporary 10 percent worldwide tariffs expired Friday, following a Supreme Court decision in February that struck down the previous administration's reciprocal tariffs, according to the reports.
Key Claims
U.S. reaffirms 15 percent cap
In a statement, the trade ministry said it had requested that the U.S. side comply with the Korea-U.S. trade agreement, referring to the tariff agreement reached last year that set reciprocal tariffs on South Korean goods at 15 percent. The ministry added that the U.S. side reaffirmed its position that the existing trade agreement must be upheld.
During bilateral talks ahead of the announcement, Korean officials, including Industry Minister Kim Jung-kwan, emphasized that Section 301 tariffs must not exceed 15 percent in compliance with the Seoul-Washington agreement.
New Section 301 tariffs
Washington's new forced-labor tariffs, effective Friday under Section 301, range from 10 percent to 12.5 percent and apply to imports from 60 trade partners. South Korea, Japan, and Switzerland are subject to the top rate of 12.5 percent, according to the reports.
Trade ministry officials said they expect the U.S. announcement to ease uncertainty surrounding U.S. tariff measures following the Supreme Court's ruling.
Trade figures
South Korea exported $122.9 billion to the United States and imported $73.4 billion last year, making the U.S. South Korea's second-largest trading partner, according to one report.
Presidential office response
The presidential office said Friday that it will closely consult with the United States to keep U.S. import tariffs on South Korean goods at the current level of 15 percent. The office cited what it called a mutual understanding between the two countries that their tariff agreement should be honored.
The reaction came after Washington announced its decision to impose new tariffs on 60 trading partners over forced labor concerns under Section 301. The presidential office noted that new forced labor tariffs, if combined with excess production duties that Washington is expected to impose soon, could push the overall tariff rate above 15 percent.
Analytical perspective
One Yonhap analysis argues that U.S. protectionism is no longer a temporary negotiating tactic but an enduring element of economic policy. The report says that after one statutory authority was struck down, another quickly replaced it, and large U.S. fiscal deficits make tariff revenue increasingly attractive. It also says tariffs now serve several objectives: generating revenue, encouraging domestic production, and strengthening Washington's bargaining position. The piece suggests that future U.S. administrations may alter the tools but that reversing the broader trajectory will only become harder. For Seoul, the immediate priority is preserving the 15 percent ceiling established under last year's bilateral agreement.