The Korea Chamber of Commerce & Industry (KCCI) said Sunday that tariffs on the country's exports to the U.S. increased by US$3.23 billion during the period between April and June, ranking sixth behind China ($25.93 billion), Mexico ($5.52 billion), Japan ($4.78 billion), Germany ($3.57 billion), and Viet Nam ($3.34 billion).
South Korea, however, saw the sharpest increase, with tariffs 47 times higher than in the fourth quarter of last year, just before U.S. President Donald Trump took office, far exceeding Canada (19.5-fold), Mexico (17.8-fold), Japan (8.2-fold), Germany (6.3-fold), and Taiwan (4.8-fold).
China, by contrast, saw its tariff burden rise only twofold, as high tariffs had already been imposed on electric vehicles, batteries, and semiconductors.
South Korea had almost zero tariffs on most products under its bilateral free trade agreement with the U.S. until Trump's sweeping tariffs on imported goods were implemented, along with separate duties on key items such as automobiles and steel.
In particular, after Washington began imposing 25 percent tariffs on automobiles and related parts this spring, tariffs on these sectors amounted to $1.9 billion, accounting for 57.5 percent of the country's total tariffs.
Amid the U.S.-led challenging trade environment that South Korean businesses must adapt to, the government should come up with measures to support and ease their burden while helping them remain competitive," the KCCI said.
Copyright ⓒ Aju Press All rights reserved.
