Korea Seeks Tariff Exemption, Citing U.S. Alliance and Role in Drug Supply Chain (Image supported by ChatGPT)
SEOUL, May 7 (Korea Bizwire) — The Korea Biotechnology Industry Organization (KBIO) said Wednesday it has requested the United States to exempt South Korea from the Donald Trump administration’s plan to impose tariffs on pharmaceutical imports.
KBIO said it submitted such an opinion formally to the U.S. Department of Commerce on Tuesday (U.S. time) regarding an ongoing investigation under Section 232 of the Trade Expansion Act, which is examining the national security implications of pharmaceutical imports.
Washington launched the probe on April 1 and has sought public input from stakeholders. President Trump has said he will announce tariff measures on pharmaceuticals in the coming weeks.
The organization emphasized that South Korea is a reliable partner in the U.S. pharmaceutical supply chain and plays a key role in making high-cost prescription drugs more affordable.
Citing recommendations by the U.S. National Security Commission on Emerging Biotechnology last month, the South Korean bio trade group noted that the commission had stressed the importance of collaborating with allied countries to stabilize the pharmaceutical supply chain.
KBIO stressed that South Korea is already contributing to the U.S. drug ecosystem through new drug development and contract manufacturing.
“Pharmaceutical products are essential for national security and patient protection, and global supply chains are highly interdependent,” the association said. “If trade measures are deemed necessary, we ask that South Korea, a key U.S. ally and trusted source, be exempted from such actions.”
(Yonhap)
