▲ The Korea International Trade Association holds the "Briefing on US Tariff Measure Changes and Tariff Refunds."
As the United States is expected to maintain its high-tariff stance by imposing new tariffs under Section 301 of the Trade Act, experts have advised domestic companies to overhaul their export strategies and supply chains.
The Korea International Trade Association (KITA) held the "Briefing on US Tariff Measure Changes and Tariff Refunds" at COEX in Gangnam-gu, Seoul, sharing information on various types of tariff measures including Section 301 tariffs, current status of local tariff refunds, and practical considerations.
About 150 representatives from export companies attended the briefing.
Cho Sung-dae, head of the Trade Research Institute at KITA, introduced the details of the new Section 301 tariff measures and response directions, predicting that the U.S. high-tariff stance will continue.
Cho stated, "Despite controversies over legal legitimacy, the U.S. will continue to maintain country-specific differential tariffs through Section 301 of the Trade Act and item-specific tariffs through Section 232 of the Trade Expansion Act." He added, "Companies need to establish management and export strategies by comprehensively considering the upcoming Section 301 overcapacity measures."
Shim Jong-sun, a partner at Deloitte Anjin, shared trends in the enforcement of Section 232 item tariffs of the Trade Expansion Act and practical points to note.
Explaining that item tariffs on steel, aluminum, and copper have shifted from content value taxation to total amount taxation, Shim said, "As U.S. Customs and Border Protection (CBP) is stepping up enforcement on import regulations related to forced labor and trade fraud to enhance the effectiveness of these measures, thorough supply chain management is necessary."
In addition, Kim Tae-joo, a senior executive at Samjong KPMG, introduced the refund of tariffs imposed by the U.S. under the International Emergency Economic Powers Act (IEEPA) and trends in Section 122 tariff litigation.
Kim explained, "As CBP launched its refund processing system last April, uncertainties have been resolved and actual refunds are being made." He added, "Since detailed procedures may vary depending on each company's situation, it is necessary to actively utilize refund opportunities with the help of customs experts."
(Photo: Provided by the Korea International Trade Association, Yonhap News)
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