S. Korea to closely monitor additional U.S. measures following Supreme Court ruling on Trump′s tariffs

▲ Cheong Wa Dae (Yonhap)

S Korea-US tariffs

S. Korea to closely monitor additional U.S. measures following Supreme Court ruling on Trump's tariffs

By Kim Eun-jung

SEOUL, Feb. 21 (Yonhap) -- South Korea will closely monitor additional U.S. measures and the trade environment as U.S. President Donald Trump signed an order to impose a new 10 percent "global tariff" on all countries following the U.S. Supreme Court's ruling against his emergency tariffs, Cheong Wa Dae said Saturday.

Kim Yong-beom, the presidential chief of staff for policy, and National Security Adviser Wi Sung-lac, presided over an interministerial meeting to discuss the government's response after the U.S. high court ruled Friday (U.S. time) against Trump's use of the International Emergency Economic Powers Act to justify the reciprocal tariffs and other duties.

In a swift response to the court decision, Trump signed an order the same day imposing a new 10 percent "global tariff" on all countries starting Feb. 24 under Section 122 of the 1974 Trade Act.

"Although the 15 percent reciprocal tariffs imposed by the U.S. have become invalid under the ruling, the U.S. administration has announced a 10 percent global tariff under Section 122 of the Trade Act," presidential spokesperson Kang Yu-jung said in a written briefing. "The government will closely monitor additional U.S. measures and responses by major countries."

Regarding the refund of duties already paid, which was not clearly addressed in the ruling, the government will work closely with business groups and industry associations to ensure accurate information is delivered to Korean companies in a timely manner, she added.

"Although the U.S. court ruling has increased uncertainty in the global trade environment, the government plans to continue amicable negotiations based on the special Korea-U.S. alliance so as not to undermine the balance of interests and export conditions secured through bilateral trade agreements," Kang said.

At the meeting, the participants also reviewed the legislative process for a special bill on U.S. investment, currently pending in the National Assembly, and agreed to proceed with procedures without disruption.

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