Cheong Wa Dae on U.S. Section 301 probe: "We will work to ensure South Korea is not treated unfavorably"

[Financial News] Cheong Wa Dae said on the 12th that, in response to the Donald Trump administration’s announcement that it would launch an investigation under Section 301 of the Trade Act of 1974 targeting 16 economic entities including China–Japan–South Korea, it "plans to engage in active consultations with the United States."
A Cheong Wa Dae official explained, "The U.S. side has taken the position that, following the ruling that the reciprocal tariffs were unlawful, it will seek to restore the previous tariffs through Section 301 of the Trade Act of 1974," adding, "The government plans to consult so that the balance of interests secured under the existing United States–Korea customs agreement is not undermined and that South Korea does not receive treatment less favorable than other major countries."
Earlier, Jamieson Greer of the Office of the United States Trade Representative (USTR) announced on the 11th (local time) that Washington would launch an investigation under Section 301 of the Trade Act of 1974, a preliminary step toward imposing additional tariffs, on 16 economic entities including China–Japan–South Korea.
The investigation will cover a total of 16 economic entities: South Korea, People’s Republic of China (China), Japan, the European Union (EU), Singapore, Switzerland, Norway, Indonesia, Malaysia, Cambodia, Thailand, Vietnam, Taiwan, Bangladesh, Mexico and India, he said.
Section 301 of the Trade Act of 1974 authorizes the U.S. administration to respond, including through the imposition of tariffs, to unfair, unreasonable or discriminatory acts, policies or practices by foreign governments that restrict or burden U.S. trade.

cjk@fnnews.com Choi Jong-geun, Sung Seok-woo Reporter