Seoul, April 9
The United States' recent adjustment of its metal tariffs will likely reduce the overall administrative burden on South Korean companies, though the impact may differ by item, Seoul's trade minister said on Thursday, vowing efforts to help companies minimise their burden.
Trade Minister Yeo Han-koo made the assessment during a meeting with officials from industries affected by U.S. tariffs on steel, aluminum and copper imports, as well as their derivatives, according to the Ministry of Trade, Industry and Resources, reports Yonhap news agency.
The administration of U.S. President Donald Trump simplified its tariffs on such products earlier this week so that they take effect based on their "full customs value." Previously, the U.S. imposed metal duties based on the value of the metal content in each of the products -- a more complicated calculation process.
With the simplification of U.S. tariffs, the overall administrative burden on domestic companies and uncertainties related to customs clearance are expected to decrease, Yeo said.
Under the new U.S. system, the number of products subject to the metal tariffs went down by 17 percent, with cosmetics, chemical, furniture and other products excluded from the list, according to the ministry.
Yeo, however, said the government will remain vigilant as the U.S. may include additional items in the list of derivatives subject to tariffs after a planned review of the system, while continuing efforts to devise necessary support measures for companies.
Meanwhile, South Korea and the US held their first follow-up talks on Thursday to flesh out the details of an agreement signed last year on technology cooperation, the science ministry said.
The meeting, held virtually, marked the launch of a working group on the Technology Prosperity Deal, signed on the sidelines of a South Korea-U.S. summit held in October in Gyeongju, a city located some 275 kilometers southeast of Seoul, where the countries' leaders attended the Asia-Pacific Economic Cooperation (APEC) summit.
"During the first official meeting, the two countries discussed the structure and operation of the working group, as well as final goals and areas of cooperation through related activities," the Ministry of Science and ICT said in a release.
The two countries will seek to strengthen ties in various cutting-edge sectors, including artificial intelligence (AI), digital infrastructure, biotechnology and space, it added.
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