Minister Kim Jung-kwan of the Ministry of Trade, Industry and Resources said on the 4th that he was again assured that tariffs exceeding last year's tariff agreement level would not be imposed on Korea by the United States.
The Minister said on social media (SNS) that he held a video call the previous evening with U.S. Commerce Secretary Howard Lutnick, and stated accordingly.
He added that with Secretary Lutnick, they reviewed the implementation status of last year's U.S.-Korea tariff agreement and confirmed both sides' continued commitment to compliance, and said they would do their best to ensure that the balance of benefits achieved through the U.S.-Korea tariff agreement can be maintained going forward.
Earlier, on the 2nd (local time), the United States said it would impose an additional 12.5% tariff on Korean-made products, citing Korea's failure to effectively block imports of goods produced with forced labor.
In last year's tariff negotiations with the United States, Korea pledged a total of $350 billion in investment in the United States, and the United States lowered the announced 25% reciprocal tariff to 15%. It is currently subject to a temporary 10% global tariff.