South Korea's Industry Minister Seeks Tariff Exemption Under Trump
South Korea aims to ensure interests of its firms are safeguarded as the country seeks a tariff exemption in talks with the US administration. Seoul’s industry minister requested exemptions from the administration of US President Donald Trump amid plans to impose new tariffs on steel and aluminium globally, including on South Korea. The US-Korea Free Trade Agreement allows most goods to be traded without tariffs, but concerns are growing about the impact of these measures.
- The situation highlights the vulnerability of countries with complex trade relationships, where a single change in tariff policy can have far-reaching consequences for industries like shipbuilding and advanced manufacturing.
- What would happen if other major trading partners, such as Japan or Australia, were to follow suit with similar tariffs, disrupting global supply chains?