Paris: South Korean Trade Minister Yeo Han-koo has called on the United States to address ongoing trade issues, particularly focusing on the recent outcomes of the Section 301 investigation into imports linked to forced labor, within the framework of the bilateral tariff agreement finalized last year. This request was made during a meeting with U.S. Trade Representative Jamieson Greer, held on the sidelines of the OECD Ministerial Council Meeting.

According to Yonhap News Agency, the meeting took place shortly after the U.S. Trade Representative's office proposed new tariffs ranging from 10 percent to 12.5 percent on imported goods from 60 economies. These tariffs are suggested due to the alleged failure of these economies to enforce an import ban on goods produced with forced labor. South Korea, along with China and Japan, is among the 54 economies that could face a 12.5 percent tariff as a result of the investigation under Section 301 of the 1974 Trade Act.

Yeo emphasized that both the outcomes of the Section 301 probe and other bilateral trade matters should be resolved within the bilateral tariff agreement's framework, rather than through the imposition of new tariffs. He also highlighted Washington's commitment to upholding the bilateral trade deal. The tariff agreement finalized last year involved the U.S. reducing its tariffs on South Korean imports from 25 percent to 15 percent in exchange for South Korea's $350 billion investment pledge.

Yeo assured that South Korea would continue to collaborate closely with the U.S. and approach the remaining Section 301 procedures calmly to ensure stable and constructive management of bilateral trade issues. Additionally, South Korea is currently subject to another USTR investigation regarding alleged "unfair" trade practices related to structural excess capacity and production, alongside China, Japan, and 13 other economies.

The U.S. has been actively conducting trade investigations to replace country-specific reciprocal tariffs, which the Supreme Court struck down in February. Section 301 is a provision that permits the USTR to investigate unfair foreign trade practices on a country-by-country basis.