South Korea Pledges Amicable Talks with US to Protect Tariff Deal Benefits

Seoul, February 23: South Korea has reaffirmed its commitment to maintaining stable trade relations with the United States, with the government pledging continued “amicable” consultations to safeguard favorable export conditions secured under the bilateral tariff agreement between the two nations.

Kim Jung-kwan, South Korea’s Minister of Trade, Industry and Resources, said the government will prioritize national interest while ensuring that the balance of benefits achieved through the Korea US tariff agreement remains intact.

Government to Maintain Close Communication with Washington​

Speaking at a meeting with local business representatives, Kim emphasized that Seoul will pursue close communication and constructive engagement with Washington to prevent any erosion of export advantages gained through the trade pact.

His remarks follow a significant ruling by the Supreme Court of the United States, which struck down US President Donald Trump’s use of the 1977 International Emergency Economic Powers Act to justify duties imposed on South Korea and other trading partners, including reciprocal tariffs.

In response to the ruling, Trump announced a temporary global tariff of 15 percent and signaled plans to introduce new and legally permissible duties to replace the invalidated reciprocal measures.

Possible Alternative Tariff Measures Raise Concerns​

Kim noted that the US administration is expected to aggressively pursue alternative mechanisms to sustain its tariff policies. These may include provisions under Sections 122 and 301 of the Trade Act of 1974.

Section 122 authorizes the US president to address fundamental international payment imbalances through import surcharges and other restrictions. Section 301 empowers the US Trade Representative to investigate unfair trade practices by foreign countries and impose trade remedies, including tariffs.

On the possibility of South Korea being included in a Section 301 investigation, Kim said the government is not making assumptions but stressed the importance of carefully managing trade issues to avoid becoming subject to such measures.

Strengthening Corporate Competitiveness Amid Trade Uncertainty​

Amid growing global trade uncertainty, the minister reaffirmed the government’s commitment to strengthening the global competitiveness of Korean companies. He said Seoul will push policies aimed at export diversification and will collaborate with related agencies and industry associations to provide timely information on tariff refunds to help businesses manage risks.

Following the meeting, Kim told reporters that the government is continuing its preliminary review of potential Korean investment projects in the United States, regardless of the Supreme Court’s ruling.

Earlier this month, Seoul established a committee to initiate a preliminary review process after Trump warned of raising reciprocal tariffs and auto duties on South Korea back to 25 percent. The warning was linked to delays in Seoul’s legislative process to implement the bilateral trade deal finalized last year.

As trade policy uncertainties evolve, South Korea’s strategy remains focused on safeguarding export interests, maintaining dialogue with Washington, and reinforcing the resilience of its domestic industries.