Malaysia hit with 10% US tariff over forced labour rules
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, Several products are exempted from the tariff, including crude and refined palm oil, gemstones and silk, as well as psyllium seed husks, boswellia and argan oil. Greer said the US had enforced a forced labour import ban for nearly a century and called on other trading partners to adopt and enforce similar measures. "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).
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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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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 HeraldSeveral products are exempted from the tariff, including crude and refined palm oil, gemstones and silk, as well as psyllium seed husks, boswellia and argan oil.
according to Free Malaysia TodayGreer said the US had enforced a forced labour import ban for nearly a century and called on other trading partners to adopt and enforce similar measures.
according to Free Malaysia Today"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 News
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