WASHINGTON, July 30 (Korea Bizwire) — U.S. President Donald Trump announced a tentative trade agreement with South Korea on Tuesday, stating that the United States will lower its reciprocal tariff rate on Korean goods from 25% to 15% in exchange for a $350 billion investment package from Seoul. In a post on Truth Social following [...]
SEOUL, May 24 (Korea Bizwire) — The finance ministry on Friday warned of uncertainties regarding inflation and vowed preemptive steps by extending tariff quota reduction on imports of agricultural products and boosting government reserves. “Prices of farm produce and petroleum products have fallen recently, but uncertainties remain high over the geopolitical situation in the Middle [...]
SEOUL, July 6 (Korea Bizwire) — South Korea has removed tariffs on imports of naphtha and crude oil used to produce the material, the finance ministry said Thursday, in line with efforts to support the local petrochemical industry. Under the measure, the tariffs on all naphtha imports will be lowered to zero through the end [...]
SEOUL, June 30 (Korea Bizwire) — South Korea’s finance ministry said Friday the country will remove tariffs on chicken in line with efforts to ease the financial burden of households amid prolonged inflation. Under the measure that will be implemented on Saturday, the country will lift tariffs on 30,000 tons of chicken until the end [...]
SEOUL, May 30 (Korea Bizwire) — South Korea’s finance ministry said Tuesday it has decided to apply tariff-rate quotas on eight major foodstuff imports to ease households’ burden amid rising consumer prices. Under the plan passed at the Cabinet meeting, South Korea will lift tariffs on 45,000 tons of pork and 10,000 tons of mackerel [...]
SEOUL, Oct. 17 (Korea Bizwire) — Handbags accounted for more than a quarter of the goods carried by overseas travelers exceeding the duty-free limit over the past four years. According to the data submitted to Rep. Kim Doo-kwan from the Korea Customs Service, handbags accounted for 33,152 cases or 27.2 percent out of 122,500 cases [...]
SEOUL, Feb. 19 (Korea Bizwire) — South Korea’s steel exports to the United States last year, regulated by a quota, fell more than those by key rivals China and Japan that were subject to higher tariffs, analyzed data indicated Tuesday. According to the analysis by the Washington office of the Korea Trade-Investment Promotion Agency (KOTRA), [...]
SEOUL, Sept. 30 (Korea Bizwire) — South Korean autos will likely be hard hit if the United States decides to slap 25 percent tariffs on foreign vehicles and auto parts under its Trade Expansion Act, a local think tank said Sunday. According to a report by the Institute for International Trade (IIT), auto exports from [...]
SEOUL, March 16 (Korea Bizwire) — Major South Korean steelmaker Dongkuk Steel Mill Co. is in talks with its U.S. customers to discuss ways to cope with America’s heavy tariffs on steel imports, the company head said Friday. Earlier this month, U.S. President Donald Trump signed off on an executive order to impose 25 percent [...]
SEOUL/WASHINGTON, Jan. 4 (Korea Bizwire) — South Korean tech giants on Wednesday (U.S. time) expressed concerns over Washington’s plan to impose stronger tariffs on washers, claiming the move will have adverse impacts on their hiring of U.S. workers. The remarks came during a hearing hosted by the U.S. International Trade Commission. Following a safeguard petition [...]