South Korea asks the U.S. for a tariff exemption.
The South Korean Ministry of Trade announced on March 15 that its trade minister had requested an exemption for South Korea from retaliatory tariffs if they take effect in April.
According to a statement from the South Korean Ministry of Trade, during his visit to Washington this week, Trade Minister Cheong In-kyo met with U.S. Trade Representative Jamieson Greer and emphasized that South Korea should not be treated unfairly.
Previously, US President Donald Trump announced the imposition of retaliatory tariffs on all of America's trading partners starting April 2nd.
Earlier this month, Trump criticized South Korea for its high tariffs, saying the Asian ally's tariffs were four times higher than those of the United States.
Seoul has rejected this. According to the South Korean government, as of 2024, South Korea's effective tariff rate on imports from the US is 0.79% due to the free trade agreement between the two countries.
"Both sides share the view that they will continue discussions to seek constructive and mutually beneficial progress on future tariff and non-tariff measures," the South Korean Ministry of Trade and Industry said.
South Korean Acting President Choi Sang-mok, who believes Trump's "America First" policy is targeting Seoul, has instructed the government to engage more actively with the U.S. administration to resolve any misunderstandings regarding tariffs.
