South Korea asks US for tariff exemption
South Korea's trade minister has asked his US counterpart to exempt South Korea from reciprocal tariffs if they take effect in April, the country's trade ministry said on March 15.
During his visit to Washington this week, Trade Minister Cheong In-kyo met with US Trade Representative Jamieson Greer and stressed that South Korea should not be treated unfairly, according to a statement from the South Korean Trade Ministry.
Previously, US President Donald Trump announced the application of reciprocal tariffs on all US trading partners from April 2.
Earlier this month, Mr. 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 denied this. According to the South Korean government, as of 2024, South Korea's effective tariff on imports from the US will be 0.79% due to the free trade agreement between the two countries.
“Both sides shared the view that they will continue discussions to seek constructive and mutually beneficial progress on tariff and non-tariff measures in the future,” the South Korean trade ministry said.
Acting South Korean President Choi Sang-mok, who believes Trump's "America First" policy is targeting Seoul, has instructed the government to communicate more actively with the US administration to resolve any misunderstandings over tariffs.