South Korea’s chief trade negotiator, Jung In-gyo, has clarified to the U.S. trade authorities that mutual tariffs should not be considered based on President Trump’s statement that ‘Korea is four times the U.S. tariff’. Jung explained that under the Free Trade Agreement (FTA), both countries impose almost no tariffs on imported goods from each other, making the average tariff rate close to 0%. He also emphasized that the U.S. and South Korea have an effective tariff rate of 0% under the FTA, and that the U.S.’s concern about a trade imbalance can be gradually alleviated through the expansion of local production due to investment in the U.S. and the expansion of energy imports.
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Auto-posted at: 2025-03-15 09:02:10