The South Korean government on Friday said it has received confirmation from the US that the "reciprocal tariffs" rate to South Korea stands at 25 percent, not 26 percent, ending confusion sparked by conflicting rates.
The Ministry of Trade, Industry and Energy said the US government clarified that the initial 25 percent is correct, following the government’s inquiry through diplomatic and trade channels.
Following US President Donald Trump’s sweeping tariffs announcement on Wednesday in the US, confusion arose due to discrepancies between Trump’s remarks and official documentation concerning South Korea’s tariff rate.
The chart Trump showed during his announcement at the Rose Garden of the White House indicated a 25 percent levy for Seoul, but an executive order annex on the White House website published later listed the rate as 26 percent.
Later Thursday, the White House updated the annex on its website, revising South Korea’s rate downward to 25 percent. The White House said the numbers in the annex document are the rates that will take effect.
South Korea was not the only one baffled with rate confusion. At least the rates of 14 countries, including India, Thailand and Norway, differed from Trump’s remarks to the White House document, which was higher by one percentage point.
This was critical as a one percent difference could equate to a substantial financial burden, given the scale of South Korea’s exports to the US.
sahn@heraldcorp.com
