Regarding the U.S. Trump administration's imposition of a 12.5% tariff on South Korea based on Section 301 of the Trade Act, Cheong Wa Dae stated that it will continue consultations with the U.S. to maintain the previously agreed tariff rate between the two countries.

An official from Cheong Wa Dae stated today (the 24th), "As there is a consensus between South Korea and the U.S. that tariff agreements must be respected, we plan to closely consult with the U.S. side to ensure that the final 15% agreed upon by the two countries is upheld, including Section 301 investigations on overcapacity that are still ongoing."

The official added, "This 'forced labor Section 301' tariff was imposed on 60 major countries depending on whether legislation banning the import of forced labor-produced goods is enacted."

Last year, through a trade agreement with the U.S. that included $350 billion in investment in the United States, South Korea and the U.S. lowered the existing 25% tariff rate to 15%.

This is interpreted as an intention to ensure that the sum of other tariffs does not exceed 15%, given expectations that the U.S. may also impose additional tariffs on overproduction and other issues.

As the expiration date approached for the "10% global tariff" introduced by the Trump administration following the U.S. Supreme Court's ruling invalidating reciprocal tariffs in February of this year, the administration newly imposed tariffs under Section 301 of the Trade Act on the 23rd local time.

The Trump administration had been imposing reciprocal tariffs on various countries based on the International Emergency Economic Powers Act (IEEPA).

However, when the U.S. Supreme Court ruled this invalid in February, the Trump administration imposed a 10% global tariff on countries worldwide under Section 122 of the Trade Act.

As Section 122 can only be implemented for a maximum of 150 days and was set to expire at midnight on the 24th, the administration replaced it with Section 301 tariffs upon expiration.