Section 301 Tariffs to Be Announced Soon; Blue House Says It Is Closely Monitoring Industry Minister's Visit to the U.S.

[Financial News] As the 10% temporary global tariff newly imposed by U.S. President Donald Trump after the U.S. Supreme Court ruled in February that reciprocal tariffs were illegal is set to expire on the 24th local time, the Blue House said, "The government is closely tracking related developments." The Trump administration is expected to soon impose tariffs under Section 301 of the Trade Act of 1974 as a replacement.
A Blue House official said on the 22nd, "The U.S. government has consistently expressed its intention to respect the Korea-U.S. tariff agreement," and made the remarks.
The official added, "The Minister of Trade, Industry and Energy and the Minister for Trade, who are visiting the U.S. this week, plan to discuss the matter with the United States Department of Commerce and the Office of the United States Trade Representative (USTR)."
As the Trump administration is expected to unveil Section 301 tariffs soon, attention is focusing on whether the '15% cap' reached through the Korea-U.S. agreement will remain in place.
Since March, USTR has been investigating countries under Section 301 of the Trade Act of 1974 on two grounds: 'overproduction' and 'forced labor.'
[email protected] Choi Jong-geun Reporter