South Korea: timing of U.S. auto tariff reduction not yet decided
Kim Jung-kwan, South Korea's Minister of Industry, said that Seoul must continue to discuss with Washington the timing of the promised reductions in tariffs on South Korea's auto exports to the U.S.
Last week, President Donald Trump announced that the U.S. would impose a 15% duty on all imports coming from South Korea. This is part of an agreement to ease tensions between the U.S. and a key Asian ally. The U.S. will impose a 15% tariff on imports from South Korea, including autos, as part of a deal to ease tensions with a top-10 trading partner and key Asian ally.
South Korean automakers such as Hyundai Motor, Kia and Kia are eager to see the tariffs cut quickly in order to level the playing field for their Japanese and European competitors.
Separately Ryosei Akazawa, Japan's chief tariff negotiator, said he was heading to Washington to pressure Trump to sign an Executive Order to put the tariff reductions on Japanese imports into action.
Kim stated that the two countries agreed to continue discussions on legislation governing online platforms to ensure U.S. technology companies are not treated unfairly compared to domestic firms.
He said that, "Although digital issues were not addressed in the most recent agreement, the U.S. Government, Parliament and Businesses are very concerned about them," at a session of the parliamentary.
The Minister reiterated there was no agreement regarding the opening of agriculture, which includes beef, rice and fruit, as well as other farm products.
He said that the countries would increase their cooperation in the quarantine of fruit and vegetables. Washington has cited this as one of non-tariff obstacles for U.S. Farmers.
Koo Yun Cheol, South Korean Finance minister, said in a separate parliamentary meeting that the U.S. viewed quarantine processes for fruits and vegetables as being too slow. He asked Seoul to implement a rational and science-based process. (Reporting and editing by Hyunjoo Ji and Jihoon Lee)
(source: Reuters)
