
Seoul to work with US to uphold 15% tariff rate: Cheong Wa Dae
Under the new scheme, South Korea is subject to 12.5 percent tariffs along with Japan and Switzerland.
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Summary
Under the new scheme, South Korea is subject to 12.5 percent tariffs along with Japan and Switzerland. Under the measure, economies that prohibit imports produced with forced labor, or have committed to doing so, face a 10 percent tariff, while most others are subject to a 12.5 percent rate. A product already subject to an MFN tariff of 12.5 percent or more will face no additional duty.
Furthermore, Ye Han-gu, head of the Office of Trade Negotiations at the Ministry of Trade, Industry and Energy (right), poses for a photo with Jamieson Greer, U.S. Trade Representative, in Washington D.C. on the 21st (local time). "We will also continue close consultations with the U.S. side to ensure the balance of interests secured through the existing Korea-U.S. tariff agreement." brk@yna.co.kr (END). However, if a most-favored-nation tariff rate was already applied to a product, a cap was applied so that the combined total with the forced labor tariff would not exceed 12.5%.
In addition, Yonhap News reported that the U.S. government has explained to the Korean government that the 15% cap will be observed.
Cross-referenced from 4 sources.
Factual coreconfirmed by several independent voices
Under the new scheme, South Korea is subject to 12.5 percent tariffs along with Japan and Switzerland.
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Under the measure, economies that prohibit imports produced with forced labor, or have committed to doing so, face a 10 percent tariff, while most others are subject to a 12.5 percent rate.
according to The Korea HeraldA product already subject to an MFN tariff of 12.5 percent or more will face no additional duty.
according to The Korea HeraldYe Han-gu, head of the Office of Trade Negotiations at the Ministry of Trade, Industry and Energy (right), poses for a photo with Jamieson Greer, U.S. Trade Representative, in Washington D.C. on the 21st (local time).
according to Yonhap News Agency +1"We will also continue close consultations with the U.S. side to ensure the balance of interests secured through the existing Korea-U.S. tariff agreement." brk@yna.co.kr (END)
according to Yonhap NewsHowever, if a most-favored-nation tariff rate was already applied to a product, a cap was applied so that the combined total with the forced labor tariff would not exceed 12.5%.
according to Kyunghyang ShinmunYonhap News reported that the U.S. government has explained to the Korean government that the 15% cap will be observed.
according to Kyunghyang Shinmun
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Under the new scheme, South Korea is subject to 12.5 percent tariffs along with Japan and Switzerland.
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