Businesses Urge U.S. to Exempt Korea from Punitive Tariffs
21 October, 2018
The Federation of Korean Industries and the American Chamber of Commerce in Korea have called on the U.S. government to exempt Korea from punitive tariffs slapped on imports on sketchy grounds of "national security."
They made the request in a joint statement on Thursday against invoking Section 232 of the U.S. Trade Expansion Act against Korean goods.
Section 232 is a provision stretched to snapping point in U.S. President Donald Trump's trade wars which authorizes the president to ban or adjust imports from foreign countries if he regards the circumstances surrounding them as threatening national security.
The FKI and AMCHAM warned that the alliance and economic cooperation between the two countries "will be hurt significantly" if the Trump administration invokes Section 232 against Korean cars and auto parts.