[Anchor]
As early as tomorrow, July 24, the United States is set to finalize new forced labor tariff rates under Section 301 of the Trade Act. The South Korean government maintains its position that the rate should not exceed the 15% promised in last year's trade agreement. Meanwhile, Minister of Trade, Industry and Energy Kim Jeong-gwan, currently visiting the U.S., emphasized that the first mutually agreed-upon investment project in the U.S. will also be finalized soon.
Reporting from Washington, I am Lee Hanseok.
[Reporter]
United States Trade Representative (USTR) Jamieson Greer stated that tariffs under the pretext of forced labor sanctions will be finalized for 60 trade partners, including South Korea, and imposed as early as tomorrow, Korean time.
[Jamieson Greer / U.S. Trade Representative: Whether through Section 301 of the Trade Act or all available means, we will take strong action to ensure that the agreement is firmly implemented.]
After the Trump administration's reciprocal tariffs collapsed in February of this year following a ruling of illegality, the U.S. applied a 10% global tariff with a 150-day deadline to various countries while preparing forced labor and overproduction tariffs under Section 301 of the Trade Act.
With tomorrow marking the deadline for the global tariff, the U.S. intends to immediately follow up with the new tariffs.
The USTR had previously notified South Korea of a 12.5% forced labor tariff and gathered feedback through public hearings.
Once future overproduction tariffs are factored in, the tariff rates could rise further.
The South Korean government's stance is that the rate must not exceed the 15% agreed upon last year, and whether the USD 200 billion U.S. investment pledge can break through the U.S. tariff pressure remains the key variable.
Minister of Trade, Industry and Energy Kim Jeong-gwan, who arrived in Washington, D.C., to attend the opening ceremony of the Korea-U.S. Shipbuilding Cooperation Center, stated that the first U.S. investment project is being discussed focusing on the energy sector and is expected to be announced as early as late August.
[Kim Jeong-gwan / Minister of Trade, Industry and Energy: We believe that a project capable of generating stable cash flow is naturally a better project.]
During his visit to the U.S., Minister Kim is also scheduled to meet with key figures, including U.S. Secretary of Commerce Howard Lutnick, to discuss urgent trade issues.
Regarding the Coupang situation in particular, Minister Kim stated that he will clear up misunderstandings and narrow the gaps.
(Photo: Yonhap News)
(Reported by Oh Jung-shik | Video Editing by Choi Hye-young)
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