Cheong Wa Dae / Korea Times file
Cheong Wa Dae said Wednesday the government will do its best to ensure that the balance of benefits under the existing Korea-U.S. tariff agreement will not be compromised after Washington proposed additional duties on goods from 60 economies following a forced labor probe.
The Office of the U.S. Trade Representative (USTR) proposed imposing tariffs of 10 percent, or 12.5 percent, on imported goods from 60 economies over their alleged failure to enforce an import ban on goods produced with forced labor. Korea, China and Japan are among 54 economies that would be subject to an additional 12.5 percent tariff.
An official at Korea's presidential office said the government has been closely communicating with the U.S. after the USTR opened an investigation under Section 301 of the 1974 Trade Act in March into 60 economies over an alleged failure to ban forced labor-linked imports.
"The government will actively respond by submitting a written opinion and holding a public hearing, and comprehensively consider the USTR's ongoing Section 301 investigation into excess production," the official said.
In March, the USTR separately opened a trade inquiry into Korea, China, Japan and 13 other economies to determine alleged "unfair" trade practices related to "structural" excess capacity and production.
Korea and the U.S. reached the bilateral tariff agreement last year, under which Washington agreed to lower its "reciprocal" tariffs from 25 percent to 15 percent, in exchange for Seoul's $350 billion investment in the U.S.
Source: Korea Times News
