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The Korea Herald
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THE INVESTOR
March 28, 2024

Automobiles

Korea asks for exemption from US auto tariffs

  • PUBLISHED :July 22, 2018 - 11:35
  • UPDATED :July 22, 2018 - 11:35
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[THE INVESTOR] Korea's finance minister has called on his US counterpart to have the Asian country exempt from America's planned auto tariffs, the Seoul government said on July 22.

Kim Dong-yeon made the request during his meeting with US Secretary of the Treasury Steven Mnuchin in Buenos Aires on July 21(local time) on the sidelines of the Group of 20 meeting. 


Korea`s finance minister Kim Dong-yeon and US
Secretary of the Treasury Steven Mnuchin



US President Donald Trump has proposed a 25 percent tariff on imported cars on national security grounds. Korean-made autos are currently exempt from US duties under the bilateral trade pact implemented in 2012, and Seoul has accepted Washington's demands on the auto market access in a recently revised free trade agreement, which has yet to be formally signed.

"Minister Kim expressed concerns over the ongoing survey by the US government on any impacts of foreign cars on its national security, and strongly called for the exclusion of South Korea from the list of tariff-levying countries," the Minister of Strategy and Finance said in a satement.

The two countries "have made fair transactions" based on the revised trade deal, Kim stressed, adding that the South Korean auto industry has played a positive role for the US in employment and investment aspects.

In response, Mnuchin offered continued discussions between the two nations on the matter, according to the Seoul ministry.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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