Gov't to brace for possible universal tariff on Korean goods by US
Containers are stacked at a port in Busan in this undated photo. Newsis
The government will prepare for Washington's possible implementation of universal tariffs on Korean goods following the launch of the second Donald Trump administration, a senior trade official has said.
"President Trump has been mentioning the issue, so I believe we need to stay vigilant and make thorough preparations," the official told reporters Thursday under the condition of anonymity.
The remark came as Trump has been proposing to impose blanket tariffs of 10 to 20 percent on all imports. Shortly after taking office, the new U.S. president also vowed to impose a 25 percent tariff on goods imported from Canada and Mexico beginning as early as the start of February.
The official said as the new U.S. administration is pursuing balanced trade with its partners, Korea is reviewing ways to expand imports from the U.S., rather than seeking to reduce exports.
"We should be expanding the combined trade volume, not reducing it," the official said. "We need to find ways to pursue mutual benefits."
Sources said the government is seeking to expand the purchase of crude oil and gas from the U.S., both in the public and private sectors, to increase overall imports, thereby leading to a more balanced trade portfolio.
Touching on the possibility of Washington asking for renegotiation of the countries' bilateral free trade agreement, the official said it was too early to respond, since there has been no official announcement from the U.S.
Trump earlier signed a memorandum on an "America First" trade policy, calling for a review of existing U.S. trade agreements to seek "reciprocal and mutually advantageous" concessions with respect to free trade partners. (Yonhap)