[Anchor]
As global tariffs expired, the U.S. government has slapped "forced labor" tariffs on 60 locations worldwide. South Korea, along with Japan, has been hit with a 12.5% tariff, but this is not the end. Another investigation is underway citing overproduction, raising concerns that the 15% tariff cap agreed upon by South Korea and the U.S. last year could be breached.
Reporter Jeong Seong-jin has the details.
[Reporter]
The Office of the U.S. Trade Representative announced the imposition of 10% to 12.5% tariffs on 60 locations worldwide, claiming they fail to control the import of products made with forced labor.
Based on Section 301 of the Trade Act, a 12.5% tariff took effect for South Korea, along with Japan and others, starting at 12:01 a.m. on the 24th, U.S. Eastern Time.
After the U.S. Supreme Court ruled reciprocal tariffs illegal last February, the Trump administration imposed a 10% global tariff under Section 122 of the Trade Act.
As the 150-day expiration period approached, the administration invoked Section 301 of the Trade Act.
[Jamieson Greer / U.S. Trade Representative : This has been a long time coming. This is not a response to something that just popped up a few months ago.]
Because goods imported from the 60 targeted locations account for 99% of U.S. imports, it is widely viewed as effectively an extension of reciprocal tariffs under the guise of forced labor.
Items subject to product-specific tariffs, such as steel and automobiles, were excluded, while semiconductors were included in the exceptions considering supply chain shocks and other factors.
Although the rate is 2.5 percentage points higher than the previous global tariff, industry experts predict the impact will be limited as it was largely anticipated.
The real issue is the possibility of additional tariffs.
The U.S. is reviewing whether to take additional measures against exports it deems overproduced due to unfair subsidies by foreign governments under Section 301 of the Trade Act, and South Korea is also under investigation.
Launching the overproduction investigation, the U.S. Trade Representative pointed to South Korea's trade surpluses in electronic equipment, automobiles, machinery, steel, and ships.
Depending on the investigation results, the 15% tariff ceiling agreed upon by South Korea and the U.S. last year could be broken.
The South Korean government stated it has emphasized to the U.S. side that tariffs must not exceed 15%, and that the U.S. side has reaffirmed its stance to respect the existing agreement.
Ultimately, South Korea faces the task of swiftly pushing forward with its 350 billion dollar investment plan in the U.S., which was a condition for the 15% tariff agreement.
[Kim Tae-hwang / Professor of International Trade, Myongji University : For the first and second investment projects in the U.S., even if they tilt slightly toward what the U.S. wants, we need to pursue them not just without disruption, but much more proactively...]
The government plans to announce the first U.S. investment project, focusing on energy sectors such as LNG or nuclear power, as early as next month.
(Video editing: Kim Jong-mi, Design: Kang Yun-jung)
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