SMEs: "Korea-U.S. Tariff Agreement Resolves Uncertainty... Will Strive to Expand Exports"

The small and medium-sized business community expressed its welcome on October 29 regarding the conclusion of detailed negotiations on the Korea-U.S. tariff agreement.

The Korea Federation of Small and Medium Business issued a statement on this day, saying, "We welcome the agreement reached between the two countries on the details of the Korea-U.S. tariff negotiations, which have continued for the past three months, and the conclusion of the negotiations through the Korea-U.S. summit." The federation added, "As a result, more than 22,000 small and medium-sized enterprises exporting to the United States have been able to resolve uncertainty and can now pursue investment and export market development in the U.S."

Seoul Yeouido Korea Federation of Small and Medium Business. Korea Federation of Small and Medium Business

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The federation continued, "We would like to thank the trade authorities who have worked hard to bring about the conclusion of the tariff negotiations," and added, "The small and medium-sized business community will do its utmost to expand exports to the U.S., taking this agreement on the details of the tariff negotiations as an opportunity."

However, the federation also stated, "It is fortunate that the tariff rate on automobiles and parts has been reduced to 15% under this agreement, but the high tariff rate of 50% remains in place for steel, aluminum, and derivative products. As related small and medium-sized enterprises are facing significant difficulties in exporting to the U.S., we hope that follow-up supplementary measures will be prepared as soon as possible."

Meanwhile, the leaders of Korea and the United States reached a final agreement on the detailed aspects of the Korea-U.S. trade and tariff negotiations on this day. With this agreement, the tariff on Korean automobiles and parts will be reduced from 25% to 15%, and mutual tariffs will be maintained at around 15%.

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