Seoul finance minister says FTA with US still effective despite tariff deal

Korea's finance chief said Wednesday that the country's Free Trade Agreement (FTA) with the United States remains effective, despite a recent tariff agreement between the two countries. Finance Minister Koo Yun-cheol made the remarks during a parliamentary session, following last week's last-minute deal between Seoul and Washington. Under the agreement, the U.S. will impose a 15 percent tariff on Korean imports, down from the initially proposed 25 percent, in exchange for Korea's investment of $350 billion in the U.S. Following the deal, concerns have emerged that the zero-tariff benefits of the South Korea-U.S. FTA could be diminished. "With a few exceptions, Korea continues to benefit from the FTA," Koo said, noting that countries without an FTA with the U.S. are subject to higher tariffs than South Korea. The minister said the 15 percent tariff will be applied to the previous zero percent. Regarding Seoul's $150 billion commitment to the U.S. shipbuilding industry, Koo said the investment is expected to boost exports and create job opportunities. "In particular, small and mid-sized comWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times