US Set to Impose 25 Percent Tariffs on South Korean Exports Amid Tense Negotiations and Potential Economic Fallout
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US Set to Impose 25 Percent Tariffs on South Korean Exports Amid Tense Negotiations and Potential Economic Fallout
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With just two weeks until sweeping new U.S. tariffs are set to take effect, tensions are running high. U.S. President Donald Trump has sent a formal letter to President Lee Jae Myung of South Korea stating that, starting August 1, all Korean exports to the U.S. will face a 25 percent tariff. Trump further warned that if South Korea retaliates with increased tariffs on U.S. goods, the tariff rate could be raised even higher. The Trump administration’s approach, described by experts as “chaotic and unpredictable,” makes for a particularly volatile trade environment. Michael Beeman, former assistant U.S. trade representative for Korea and Japan, said on a recent Korea Economic Institute podcast that South Korea may be able to negotiate a reduction in the tariff rate, potentially to the 15 to 18 percent range, but this would still represent a major hurdle for some of Korea’s top export sectors, such as automotive and steel.
South Korea’s new administration is in high-stakes negotiations, sending delegations to Washington and leaning on a comprehensive strategy. Cho Hyun, foreign minister nominee, expressed optimism about reaching a “win-win agreement” with the United States before the deadline. He pointed to the possibility of offsetting tariffs by expanding bilateral cooperation on shipbuilding and nuclear energy, and highlighted that the U.S. sees South Korea as both a critical ally and a major trade partner.
However, the negotiations aren’t confined to tariffs alone. Tensions have also surfaced around Korea’s proposed regulation of large online platforms, which Washington views as a non-tariff trade barrier. The U.S. is pressing Seoul to drop its tough new rules targeting Big Tech, adding another layer of complexity to the discussions.
On the table for negotiations are sensitive issues involving market access for U.S. agricultural products such as beef, potatoes, and peaches. Currently, South Korea maintains a steep 513 percent tariff on rice, and is now considering whether to loosen import conditions for these and other goods as a bargaining chip. Trade authorities are moving quickly to finalize the list of imports South Korea might offer in exchange for relief on U.S. tariffs.
With the U.S. effective tariff rate on imports set to jump from 14.1 percent to 19.4 percent after August 1, these negotiations carry significant implications for both economies.
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