South Korea Asks for Exemption from US Auto Tariffs

Seoul, The South Korean Minister of Economy and Finance asked the United States (US) to exempt his country from new tariff on imported vehicles during the meetings of G20 Finance Ministers and Central Bank Governors held in Washington last week.

Hong Nam-Ki, Korean Minister of Economy and Finance, submitted the request to US Treasury Secretary Stephen Mnuchin on the sidelines of the annual international conferences on the world economy and other issues, Yonhap News Agency reported today.

It pointed out that Stephen Mnuchin said, "He fully understood what the Korean Minister had asked the United States about the import tariff, and hoped that the problem would be resolved without difficulty although no decision had yet been made on the issue".

The US Commerce Department reported on the impact on car imports to President Donald Trump in February. The report was on whether new tariffs to be levied on imported vehicles under national security grounds.

Trump has repeatedly threatened to impose custom tariffs on imported cars and has 90 days to review the Commerce Department's report.

Source: Oman News Agency