Exempt South Korean vehicles from new tariffs: Finance minister Kim Dong-yeon

SEOUL, July 22: South Korea has asked the US to exempt its vehicles from the new 25 per cent tariffs Washington is planning to impose on imported vehicles and spare parts, officials said on Sunday.

South Korean Finance Minister Kim Dong-yeon made the request to his US counterpart Steve Mnuchin in a meeting on Saturday on the sidelines of the G20 summit in Buenos Aires, Argentina, Efe news agency reported.

According to an official statement by the finance ministry, Kim asked Mnuchin that South Korean vehicles be excluded from the new tariffs the White House is planning to impose on national security grounds.

The South Korean official reminded his US colleague of the positive impact the Asian country’s automobile industry has had on employment and investments in the US.

Currently, South Korean vehicles entering the US market are not subject to import tariffs under the free trade agreement signed by both countries in 2012. (IANS)