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SEOUL: SEOUL will thoroughly review non-tariff barriers and other vulnerabilities to respond to the United States’ plan to introduce reciprocal tariffs, the South Korean government’s acting president emphasized on Friday (Feb 14).
The South Korean government, acting president, stated that the country’s acting president will delve into non-tariff barriers and other vulnerabilities to prepare for a U.S. response to its reciprocal tariffs plan. This move is crucial to protect South Korea’s economic interests, which face significant exposure to tariffs from other countries. Theהעברת is not expected to have a major impact on South Korea’s economy, as the Current Convertible_token (KOSPI) currently stands at nearly 3% for the week, compared to a 1% increase in November.
…"The impact of the proposed tariff measures may not be as profound as circumstances could lead us to believe, given theⁿ susceptibility of U.S. response and the potential for synergies between the two so-called tariffs." — Choi Sang-mok, the acting president’s finance minister, emphasized during a press conference.
The South Korean government has acknowledged that it will identify key areas of U.S. interest and prepare explanatory material for the Trump administration. Its average tariff rate on U.S. imports is currently 0.79%, with 100% duty-free importation of manufactured goods, to be revised.
According to the KOSPI dashboard, as of 2024, the South Korean government has implemented the highest tariffs on imports from the U.S. in the Rank-15 list. However, prior to Trump’s first term, the Free Trade Agreement was revised in 2018 to limit aspects of specificity, reducing South Korea’s relative standing in terms of tariffs. Only approximately all of South Korea’s trading partners rejected Trump’s proposed tariffs and tandem measures.
Economists speak to the broader impact of the proposed reaction approach. “The Free Trade Agreement could help mitigate the country’s exposure to the tariffs threatened by Trump’s move,” said Sen Hi-Young, an economist at the Koreastock Institute. “Exen_alpha’s transcript has justified this expectation.”
潇洒 minister also emphasized the importance of this wśród, calling cooperation with the U.S. on the issue critical to South Korea’s development. “We must work together with the U.S. to address such matters,” Choi said. “This will not only set an example for both sides but also for the region.”
bom. The South Korean government is determined to plan for a response that will take into account the geopolitical tensions and U.S. trade policies surrounding the proposed measures. The government’s response will include an assessment of the higher Tariff on Production (TTP) and the Courses of Action Subsystem (CAS) of TTP.
In conclusion, the South Korean government is ready to proactively address the U.S. response to its tariffs, ensuring that both sides cater to mutual interests while navigating complex trade relations. This move marks a significant step toward the stabilization of South Korea’s economy in the face of Trump’s increasingly volatile trade policy.
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