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

According to Yonhap News Agency, the Ministry of Trade, Industry and Resources stated, "We have requested that the U.S. side comply with the Korea-U.S. trade agreement," referring to the tariff agreement reached last year that set reciprocal tariffs on South Korean goods at 15 percent. The U.S. side has also confirmed that the existing trade agreement must be upheld.

The new tariffs were introduced by Washington overnight, targeting imports from 60 trade partners with tariffs ranging from 10 percent to 12.5 percent, effective Friday (U.S. time), under Section 301 of the 1974 Trade Act. This announcement came after temporary 10 percent worldwide tariffs expired, following the Supreme Court's decision in February to strike down the Trump administration's reciprocal tariffs. Under this new scheme, South Korea, along with Japan and Switzerland, is subject to 12.5 percent tariffs.

The trade ministry anticipates that the U.S. announcement will reduce the uncertainty surrounding U.S. tariff measures, following the Supreme Court's ruling. Before the announcement, Korean officials, led by Industry Minister Kim Jung-kwan, emphasized during bilateral talks that Section 301 tariffs should not exceed 15 percent, in line with the Seoul-Washington tariff agreement.

Last year, South Korea exported US$122.9 billion to the United States and imported $73.4 billion, making the U.S. South Korea's second-largest trading partner. In addition to its Section 301 investigation into forced labor, the U.S. government is also probing 16 economies, including South Korea, over alleged excess industrial capacity under the same trade law.

The South Korean government plans to collaborate closely with Washington to ensure that any tariffs resulting from the ongoing investigation remain within the 15 percent limit set by the existing bilateral tariff agreement. "As the Section 301 investigation into overproduction is still ongoing, the government will actively respond to the investigation process," the ministry stated. "We will also continue close consultations with the U.S. side to ensure the balance of interests secured through the existing Korea-U.S. tariff agreement."