'Section 301 Tariff Bomb' Imminent... Will '15% Cap' Be Maintained

[Anchor]

The 10 percent tariffs currently applied globally 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 percent ceiling agreed upon by the South Korean government and the U.S. last year will be maintained.

Reporter Kwon Ran has the details.

[Reporter]

Minister of Trade, Industry and Energy Kim Jung-kwan 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 investments in the U.S. and trade pending issues.

The finalization 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 items.

[Kim Jung-kwan / Minister of Trade, Industry and Energy : (The United States) has already expressed its stance to us that it will not deviate from a level that balances the interests of both countries...]

Following the U.S. Supreme Court ruling that mutual tariffs were illegal, the temporary 10 percent global tariffs 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 previewed a 12.5 percent tariff on South Korea on the grounds that it failed to properly block imports 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 the 15 percent ceiling agreed upon by South Korea and the U.S. in July of last year could be exceeded.

Wi Sung-lac, Director of the National Security Office at the presidential 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 percent, hits to major export items such as batteries and electrical equipment will be inevitable.

[Huh Yoon / Professor, GSIS, Sogang University : Because (the United States) intends to enjoy the tariff revenue it enjoyed under mutual tariffs, items generating trade surpluses are the most vulnerable for South Korea.]

Regarding concerns that the Coupang discrimination controversy and other issues could affect tariffs, Minister Kim Jung-kwan drew a line, stating that he would explain South Korea's position and clear up misunderstandings, and that it is not an issue that would shake the South Korea-U.S. alliance.

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