South Korea Seeks Tariff Exclusion from US, Citing Low Duties and Economic Contributions
South Korean officials have appealed to the Trump administration to exempt their country from planned tariffs, emphasizing the low duties Seoul already levies on US goods under their free trade agreement.
Deputy Trade Minister Park Jong-won conveyed the request during meetings with US officials in Washington this week. Park highlighted the significant economic investments by South Korean companies in the US and the country's low tariffs on free trade partners.
He urged the US to exclude South Korea from reciprocal tariffs and increased duties on imported steel and aluminum. The Korean Development Institute has lowered its economic growth forecast for 2025, citing concerns about the impact of US trade measures.
Despite the limited impact of steel and aluminum tariffs, economists worry that potential duties on semiconductors and cars could harm South Korea's trade-reliant economy.
Acting President Choi Sang-mok convened a meeting to discuss the potential consequences of US trade policies, including reciprocal tariffs and product-specific duties. Choi instructed officials to monitor the responses of other major economies and strengthen communication with their US counterparts.
South Korea's trade surplus with the US reached $55.7 billion in 2024, and the country's tariffs on US manufacturing imports remain near zero percent, according to the trade ministry.