Seoul: U.S. Industry Minister Kim Jung-kwan announced that South Korea will not face tariffs greater than those agreed upon under the bilateral trade deal with the United States. This affirmation comes after the U.S. Trade Representative's (USTR) announcement of the results of the Section 301 probe into imports linked to forced labor.

According to Yonhap News Agency, Kim shared via social media that he discussed the matter with U.S. Commerce Secretary Howard Lutnick through a video call. This conversation followed the USTR's proposal to impose tariffs of 10 percent, or 12.5 percent, on imports from 60 economies due to their alleged non-compliance with import bans on goods produced using forced labor. South Korea, along with China and Japan, is among the 54 economies potentially subject to the proposed 12.5 percent tariff as a result of the USTR's investigation under Section 301 of the 1974 Trade Act.

Kim highlighted their review of the Korea-U.S. tariff agreement finalized last year, emphasizing the mutual commitment to uphold the deal. He assured that the U.S. confirmed no additional tariffs beyond the agreed level will be imposed on South Korea, committing to protect the balance of interests achieved through the bilateral agreement. The agreement, finalized last year, saw the U.S. reduce its reciprocal tariffs on South Korea from 25 percent to 15 percent, in exchange for Seoul's $350 billion investment pledge.

Trade Minister Yeo Han-koo also urged the U.S. to resolve pending trade issues within the framework of the Seoul-Washington agreement, as reported by the Ministry of Trade, Industry and Resources. Yeo conveyed this during a meeting with USTR Jamieson Greer at the OECD Ministerial Council Meeting in Paris. He emphasized that outcomes of the Section 301 probe and other future trade issues should be addressed within the existing tariff agreement, avoiding new tariffs.

South Korea is also under a separate USTR investigation regarding "unfair" trade practices related to "structural" excess capacity and production, alongside China, Japan, and other economies. The U.S. has been conducting trade investigations to replace country-specific "reciprocal" tariffs, which were invalidated by the Supreme Court in February. Section 301 allows the USTR to investigate unfair foreign trade practices individually by country.