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Kim Jong-gwan mentioned that the United States is not expected to raise tariffs on Korean imports if the bill is passed, and that Korea still has an opportunity to gain favorable trade terms.
US Commerce Secretary Howard Lutnick noted that the US left the door open for Korea to potentially receive terms that are equal to or even more favorable than those offered to its competitors, as reported by Bloomberg.
In January, US President Donald Trump warned of raising tariffs on South Korean products from 15% to 25%, pointing to delays in Seoul's work on a bill that would let South Korea invest $350 billion in the US, fully open its markets, and buy oil and gas in very large amounts.
The situation became more complicated after the US Supreme Court decided that the president's tariffs were illegal, to which Mr. Trump replied by proposing a universal 10% tariff, with the possibility of raising it to 15% fairly soon.
source: bloomberg.com
US Commerce Secretary Howard Lutnick noted that the US left the door open for Korea to potentially receive terms that are equal to or even more favorable than those offered to its competitors, as reported by Bloomberg.
In January, US President Donald Trump warned of raising tariffs on South Korean products from 15% to 25%, pointing to delays in Seoul's work on a bill that would let South Korea invest $350 billion in the US, fully open its markets, and buy oil and gas in very large amounts.
The situation became more complicated after the US Supreme Court decided that the president's tariffs were illegal, to which Mr. Trump replied by proposing a universal 10% tariff, with the possibility of raising it to 15% fairly soon.
source: bloomberg.com
