Seoul: The South Korean government announced that the United States has reaffirmed its commitment to honoring the existing Seoul-Washington tariff agreement amid newly announced Section 301 tariffs on trading partners.

According to Yonhap News Agency, the Ministry of Trade, Industry and Resources stated that the U.S. has agreed to comply with the Korea-U.S. trade agreement, which previously set reciprocal tariffs on South Korean goods at 15 percent. The U.S. reiterated its stance that the existing trade agreement should be upheld.

The announcement follows Washington's introduction of new forced-labor tariffs on imports from 60 trade partners, ranging from 10 percent to 12.5 percent, effective Friday (U.S. time), under Section 301 of the 1974 Trade Act. These measures come after the expiration of temporary 10 percent worldwide tariffs, which were struck down by the Supreme Court in February.

Under the new tariff scheme, South Korea, along with Japan and Switzerland, faces a 12.5 percent tariff. The South Korean trade ministry expects the U.S. announcement to alleviate uncertainty surrounding U.S. tariff policies after the Supreme Court's decision.

During bilateral talks preceding the announcement, Korean officials, including Industry Minister Kim Jung-kwan, insisted that Section 301 tariffs must not exceed the agreed 15 percent in accordance with the Seoul-Washington tariff agreement.

Last year, South Korea exported US$122.9 billion to the United States and imported $73.4 billion, positioning the U.S. as South Korea's second-largest trading partner. The ministry emphasized its proactive stance in responding to the ongoing Section 301 investigation into overproduction and stressed its commitment to ongoing consultations with the U.S. to maintain the balance of interests established in the Korea-U.S. tariff agreement.