United States Trade Representative Jamieson Greer speaks during a House Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies hearing on The Office of the United States Trade Representative's budget in the Rayburn House Office Building near the U.S. Capitol in Washington, DC on Thursday, April 16, 2026. Photo by Bonnie Cash/UPI | License Photo
July 24 (Asia Today) -- The Trump administration imposed tariffs of 10% to 12.5% on goods from 60 economies Thursday, citing their failure to adequately block imports made with forced labor.
Most South Korean products covered by the measure will be subject to a combined tariff of no more than 12.5%, including the existing most-favored-nation duty and the new tariff imposed under Section 301 of the Trade Act of 1974.
The measure does not add a uniform 12.5% duty on top of existing tariffs on South Korean products.
Instead, when the existing tariff on a South Korean product is below 12.5%, the United States will impose an additional duty equal to the difference. No additional Section 301 duty will be imposed when the existing rate is already 12.5% or higher.
