Trade minister calls for protection of balance of profits secured through Korea-US tariff deal in meeting with USTR - The Korea Times

Trade Minister Yeo Han-koo, right, shakes hands with U.S. Trade Representative Jamieson Greer during their meeting in Brussels, Wednesday (local time). Courtesy of Minister Yeo Han-koo's office

Minister Yeo Han-koo has urged the United States to resolve pending trade issues between the two countries, including the latter's recent announcement of the results of the Section 301 probe into imports related to forced labor, within the boundaries of the bilateral tariff agreement finalized last year, Yeo's office said Thursday.

Yeo held a meeting with U.S. Trade Representative (USTR) Jamieson Greer on the sidelines of the OECD Ministerial Council Meeting held in Paris on Wednesday (local time), according to the Ministry of Trade, Industry and Resources, shortly after the office of USTR proposed imposing tariffs of 10 percent, or 12.5 percent, on imported goods from 60 economies over their alleged failure to enforce an import ban on goods produced with forced labor.

Korea, China and Japan are among 54 economies that could be subject to the proposed 12.5 percent tariff as a result of the USTR's forced labor probe under Section 301 of the 1974 Trade Act.

"I made it clear that not only the outcomes of the latest Section 301 probe but also other future bilateral trade issues should be addressed within the framework of the Korea-U.S. tariff agreement rather than through the imposition of new tariffs," Yeo said in a press release, noting that he reaffirmed Washington's intention to uphold the bilateral trade deal.