Presidential office says will closely consult with US to keep tariffs at 15%

Cheong Wa Dae is seen in this file photo / Korea Times file

The presidential office said Friday that it will closely consult with the United States to keep U.S. import tariffs on South Korean goods at the current level of 15 percent after Washington announced new tariffs of up to 12.5 percent on trading partners, including South Korea.

The reaction from Cheong Wa Dae came after Washington announced its decision to impose the new tariffs on 60 trading partners over forced labor concerns under Section 301 of the 1974 Trade Act.

Through tariff negotiations, Seoul and Washington reduced U.S. reciprocal tariffs on South Korean goods to 15 percent last year.

The new forced labor tariffs, if combined with excess production duties that Washington is expected to impose soon, could push the overall tariff rate above 15 percent.

"(The government) plans to hold close consultations with the U.S. to ensure that the mutually agreed 15 percent (tariff rate) is maintained," the presidential office said, citing what it called a mutual understanding between the two countries that their tariff agreement should be honored.