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S. Korea Reaffirms Commitment to U.S. Trade Deal
(MENAFN) South Korean authorities reaffirmed their dedication to a bilateral trade arrangement with Washington on Tuesday, hours after U.S. President Donald Trump revealed intentions to impose heightened tariffs on the East Asian partner, domestic outlets reported.
Presidential spokesperson Kang Yu-jung emphasized the tariff elevation would become operational only following administrative protocols, adding that Seoul would address Trump's declaration with a measured approach, media reported.
"The government will convey its commitment to implementing the deal to the US side," Kang stated.
South Korea's presidential administration confirmed no formal correspondence from Washington has been received concerning the tariff adjustment.
Trump unveiled increased duties on South Korean merchandise Monday, alleging Seoul's parliament had neglected to ratify a previously negotiated commercial pact. The president specified levies would surge from 15% to 25% on vehicles, timber, and pharmaceutical products.
The U.S. leader appeared to reference pending investment legislation that the ruling Democratic Party intends to examine and advance to a floor vote next month, pursuing support across party lines from opposition members.
Last November, Seoul and Washington executed a memorandum of understanding that formalized South Korea's $350 billion investment commitment in return for reduced American tariffs.
The framework mandates South Korea deliver $200 billion through monetary installments, restricted to $20 billion each year, plus $150 billion allocated toward joint shipbuilding collaboration. Reciprocally, Washington lowered duties on South Korean goods to 15%, consistent with last July's accord.
Presidential spokesperson Kang Yu-jung emphasized the tariff elevation would become operational only following administrative protocols, adding that Seoul would address Trump's declaration with a measured approach, media reported.
"The government will convey its commitment to implementing the deal to the US side," Kang stated.
South Korea's presidential administration confirmed no formal correspondence from Washington has been received concerning the tariff adjustment.
Trump unveiled increased duties on South Korean merchandise Monday, alleging Seoul's parliament had neglected to ratify a previously negotiated commercial pact. The president specified levies would surge from 15% to 25% on vehicles, timber, and pharmaceutical products.
The U.S. leader appeared to reference pending investment legislation that the ruling Democratic Party intends to examine and advance to a floor vote next month, pursuing support across party lines from opposition members.
Last November, Seoul and Washington executed a memorandum of understanding that formalized South Korea's $350 billion investment commitment in return for reduced American tariffs.
The framework mandates South Korea deliver $200 billion through monetary installments, restricted to $20 billion each year, plus $150 billion allocated toward joint shipbuilding collaboration. Reciprocally, Washington lowered duties on South Korean goods to 15%, consistent with last July's accord.
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