The Los Angeles Post
U.S. World Business Lifestyle
Today: March 15, 2025
Today: March 15, 2025

South Korea asks US for tariff exemption, trade ministry says

FILE PHOTO: South Korea's 106th Anniversary Of Independence Movement Day
March 14, 2025
Reuters - Reuters

SEOUL (Reuters) - South Korea's trade minister has asked his U.S. counterpart to exempt the country from reciprocal tariffs if they go into effect in April, the trade ministry said on Saturday.

During his visit to Washington this week, Trade Minister Cheong In-kyo met U.S. Trade Representative Jamieson Greer, and stressed that South Korea should not get unfavourable treatment, the ministry said in a statement.

U.S. President Donald Trump has announced reciprocal tariffs on all U.S. trading partners from April 2.

Earlier this month, Trump singled out South Korea for applying high tariffs. He said the U.S. Asian ally's tariffs were four times higher than those of the United States.

Seoul has disputed this. As of 2024, South Korea's effective tariff rate on U.S. imports stood at 0.79% as the two countries have a free trade pact, according to the South Korean government.

"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 too," the trade ministry said.

South Korea's acting President Choi Sang-mok, who said Trump's America First policies took aim at Seoul, ordered the government to more actively communicate with the U.S. administration to resolve any misunderstanding over tariffs.

(Reporting by Ju-min Park; Editing by Rod Nickel)

Related Articles

BMW says U.S. tariffs to dent autos earning margin by one percentage point Amid tariff risks, Vietnam signs energy deals with US, reviews duties to boost US imports Trump has begun another trade war. Here's a timeline of how we got here GM CEO met Trump amid tariff fight, White House says
Share This

Popular

Asia|Political|World

Massive rallies across South Korea ahead of key ruling on impeachment of Yoon

Massive rallies across South Korea ahead of key ruling on impeachment of Yoon
Asia|Business|Crime|Finance|Stock Markets|Technology

China to crack down on stock market fake news as AI spurs misinformation, says state media 

China to crack down on stock market fake news as AI spurs misinformation, says state media 
Asia|Sports

Shohei Ohtani hits long HR in return to Japan against Yomiuri Giants

Shohei Ohtani hits long HR in return to Japan against Yomiuri Giants
Asia|Sports

One year after interpreter's scandal, Shohei Ohtani enters the Tokyo Series with newfound maturity

One year after interpreter's scandal, Shohei Ohtani enters the Tokyo Series with newfound maturity

Political

Business|Economy|Europe|Political

EU countries draft plan to soften gas storage targets, document shows

EU countries draft plan to soften gas storage targets, document shows
Political|US

Trump signs order to gut Voice of America, other agencies

Trump signs order to gut Voice of America, other agencies
Europe|Health|Political|World

Pope Francis, showing plans to continue on, starts new process for Catholic reforms

Pope Francis, showing plans to continue on, starts new process for Catholic reforms
Americas|Environment|Political|World

Citing melting glaciers, Peruvian farmer tests global climate law

Citing melting glaciers, Peruvian farmer tests global climate law

Access this article for free.

Already have an account? Sign In