Cheong Wa Dae Responds Calmly to Ruling Invalidating U.S. 10% Global Tariff, Citing the Principle of Balanced Interests

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[The Financial News] On the 8th, Cheong Wa Dae said it would respond calmly to a United States court ruling that also invalidated the '10% global tariff' imposed by President of the United States Donald Trump to replace the reciprocal tariffs that had been ruled unlawful. The office said, "The government will continue to closely monitor related developments and respond calmly under the principle of securing balanced interests in line with our existing tariff agreement."
A Cheong Wa Dae official said, "This ruling is a first-instance decision in the tariff lawsuit filed in early March under Section 122 of the Trade Act of 1974, and I understand that its effect is limited to only some of the plaintiffs." The official added, "Tariffs imposed under Section 122 of the Trade Act of 1974 can be levied for no more than 150 days."
Earlier, a panel of the United States Court of International Trade ruled 2-1 on the 7th, local time, that the Trump administration's newly imposed 10% global tariff on all trading partners around the world, based on Section 122 of the Trade Act of 1974, was unlawful and therefore invalid. After the U.S. Supreme Court ruled in February that the reciprocal tariffs based on the International Emergency Economic Powers Act (IEEPA) were illegal, President Donald Trump imposed the 10% global tariff under Section 122 of the Trade Act of 1974.
cjk@fnnews.com Choi Jong-geun Reporter