Imminent 'Section 301 Tariff Bomb'... Will '15% Cap' Hold?

[Anchor]

The 10% global tariffs currently applied by the United States are set to expire on the 24th. As the announcement of the so-called Super Section 301 tariffs to replace them is imminent, the biggest question is whether the maximum 15% cap agreed upon by our government and the U.S. last year will be maintained.

Reporter Kwon Ran has the story.

[Reporter]

Minister of Trade, Industry and Energy Kim Jeong-gwan departed for the United States today to attend the opening ceremony of the Korea-U.S. Shipbuilding Cooperation Center held in Washington tomorrow (the 23rd).

Minister Kim plans to meet with U.S. Commerce Secretary Howard Lutnick, who will attend as the U.S. representative, to discuss U.S. investments and trade pending issues.

The materialization of the first U.S. investment project and the issue of the U.S. Trade Act Section 301 tariffs, which the U.S. plans to newly introduce soon, are expected to be the core agenda.

[Kim Jeong-gwan / Minister of Trade, Industry and Energy : (The U.S.) has already expressed its position to us that it will not stray from a level that balances the interests of both countries....]

Following the U.S. Supreme Court ruling that reciprocal tariffs are unlawful, the temporarily introduced '10% global tariff' will expire on the 24th local time.

The Trump administration is expected to impose new tariffs utilizing Section 301 of the Trade Act as a means to replace them.

The U.S. has already announced a 12.5% tariff on South Korea on the grounds that it failed to properly block the import of products produced by forced labor.

As there is also a possibility of adding tariffs on the grounds that overproduction has caused trade imbalances, concerns are rising that it could exceed the 15% cap agreed upon by South Korea and the U.S. in July of last year.

Wi Sung-lac, head of the Presidential Security Office, acknowledged the possibility of additional tariffs under Section 301 or other provisions, but stated that they would not exceed the existing agreement.

If the tariff rate exceeds 15%, hits to major export items such as batteries and electrical equipment will become inevitable.

[Huh Yoon / Professor, GSIS, Sogang University : Because (the U.S.) intends to enjoy the tariff revenues it enjoyed from reciprocal tariffs, items generating a trade surplus are the most vulnerable for South Korea.]

Regarding concerns that controversies such as the Coupang discrimination debate could also affect tariffs, Minister Kim Jeong-gwan drew a line, stating that he would explain our position and clear up misunderstandings, and that it is not an issue that would shake the Korea-U.S. alliance.

(Video Editing: Choi Hye-young, Design: Cho Soo-in)
※ Please note: This article was translated by AI and may contain errors.