On Additional Tariffs for 'Forced Labor'... Kim Jung-kwan Says "U.S. Commerce Department Also Reaffirms Commitment to Korea-U.S. Tariff Agreement"

Minister Kim Holds Virtual Meeting with Secretary Lutnick

"Reconfirmed That No Tariffs Exceeding Last Year's Agreement Will Be Imposed"

Kim Junggwan, Minister of Trade, Industry and Energy, stated on the 4th that "It has been reconfirmed that, for Korea, tariffs exceeding last year's tariff agreement level will not be imposed."

On this day, Minister Kim announced via his social networking service (SNS) that "Last night, I held a virtual meeting with Howard Lutnick, U.S. Secretary of Commerce," and conveyed this message.

Kim Junggwan, Minister of Trade, Industry and Energy. Photo by Dongju Yoon

Previously, the United States Trade Representative (USTR) revealed plans to impose an additional tariff of 10% or 12.5% on imports from 60 economic zones that failed to prevent the trade of products made with forced labor. Korea was included in the group of 46 economic zones that both failed to introduce and effectively enforce an import ban on goods produced with forced labor. For this group, a 12.5% tariff was proposed.

Regarding this, Minister Kim said, "(Through the virtual meeting with Secretary Lutnick) we reviewed the implementation status of last year's U.S.-Korea tariff agreement and reaffirmed both sides' ongoing commitment to compliance," adding, "We will do our utmost to ensure that the balance of benefits achieved through the U.S.-Korea tariff agreement continues to be maintained going forward."

This content was produced with the assistance of AI translation services.