Seoul: South Korea confirmed Wednesday that the average rate of tariffs on US imports is less than 1 percent under the bilateral free trade agreement between the two countries, with expectations of a further decline this year.
This came in response to a statement by the US president that the average South Korean tariffs are four times higher than those of the US, saying that the United States is "being treated badly by friends and foes."
The Ministry of Trade, Industry and Energy said the government plans to communicate with the United States on the issue through various channels, including the US Embassy in Seoul.
The US president appeared to be referring to South Korea's 13.4 percent Most Favored Nation (MFN) tariff, which is nearly four times the US Most Favored Nation (MFN) tariff of about 3.3 percent, the ministry said, but most US exports to South Korea are currently duty-free under the Korea-US Free Trade Agreement (KORUS).
The ministry said the average tariff rate on US goods exported to Seoul, which stood at 0.79 percent in 2024, is set to fall further this year under the KORUS FTA reduction plan.
"We will explain and dispel misunderstandings that South Korea imposes few tariffs on the US through high-level contacts with the local embassy, various working-level consultative channels recently established, and the head of the trade negotiations scheduled to visit the US," it added.
