South Korea Engages in Tariff Dialogue with the U.S.

South Korea's trade ministry announced plans to engage in discussions with the United States regarding tariff discrepancies after President Donald Trump highlighted higher South Korean tariffs. The bilateral free trade agreement effectively reduces tariffs on U.S. imports to 0.79% by 2024.

In a recent development, South Korea's trade ministry has declared its intention to initiate discussions with the United States to address tariff differences. This comes in response to remarks made by U.S. President Donald Trump, who noted that South Korea's tariffs are substantially higher than those of the U.S.

According to the South Korean ministry, the current tariffs imposed on U.S. imports are significantly reduced due to the bilateral free trade agreement, effectively making them about 0.79% as of 2024.

This move highlights South Korea's proactive stance in maintaining economic harmony between the two nations and the significance of trade agreements in facilitating lower tariffs.

(With inputs from agencies.)