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Written: 2025-04-03 10:57:39Updated: 2025-04-03 11:09:26
Photo : YONHAP News
Among the countries that have free trade agreements(FTAs) with the United States, South Korea is among the three to be charged the highest reciprocal tariff rate of 25 percent, the others being U.S. neighbors Canada and Mexico. According to the Office of the U.S. Trade Representative on Wednesday, the U.S. currently has comprehensive FTAs with 20 countries, and eleven of them — Australia, Chile, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Morocco, Peru, Singapore and Honduras — were assigned the basic tariff rate of ten percent. Israel was assigned 17 percent, Nicaragua 18 percent and Jordan 20 percent. South Korea, however, was slapped with 25 percent tariffs along with Mexico and Canada, which are under the U.S.-Mexico-Canada Agreement.
The U.S. has not provided an explanation of how it calculated the tariff rate for South Korea.