Latest news with #NTE
Hans India
5 days ago
- Business
- Hans India
US raises issue with South Korea's restrictions on beef imports, data transfer
Seoul: The United States has called for resolution of South Korea's restrictions on beef imports, living modified organisms (LMOs), overseas transfer of high-precision map data and other non-tariff measures in their latest trade negotiations, government sources said on Sunday. The three items were mentioned in the second round of technical discussions on various trade issues, including trade imbalance and non-tariff barriers, between the two countries in Washington last month, according to the sources familiar with the matter, reports Yonhap news agency. All the items are listed on the 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers, issued by the office of the U.S. Trade Representative ahead of the Donald Trump administration's announcement of country-specific reciprocal tariffs in early April. The NTE report pointed out South Korea has an import ban on American beef from cattle aged 30 months or older, claiming such a "transitional measure" has remained in place for 16 years following the signing of a bilateral free trade agreement in 2008. The report also claimed Seoul's regulatory system for agriculture biotechnology, including the LMO act, presents challenges to U.S. agricultural exports, and Korea's restrictions on the export of location-based data have led to a competitive disadvantage for international suppliers. Google has repeatedly requested the South Korean government to allow the company to transfer the country's high-precision map data overseas, but the government has dismissed the request, citing national security and digital sovereignty concerns. The Seoul government plans to decide by August whether to allow such a transfer. Seoul and Washington have been working to craft a package deal on trade issues, including tariffs, non-tariff barriers and economic cooperation, by July 8, when the 90-day pause on the Trump administration's reciprocal tariffs will end. South Korea has been seeking either a full exemption from or reduction in the Trump administration's 25 percent reciprocal tariffs for the country, as well as sectoral tariffs on steel, automobile and other imports.
Korea Herald
28-05-2025
- Business
- Korea Herald
S. Korea launches feasibility study on trade negotiation items with US: sources
South Korea is checking the economic feasibility of various items that may come as the result of trade negotiations with the United States to assess the impact of such items on the national economy, government sources said Wednesday. The Ministry of Trade, Industry and Energy recently asked the Korea Institute for International Economic Policy to conduct a feasibility study on agenda items of the ongoing trade negotiations between Seoul and Washington, according to the sources familiar with the matter. The two countries have been working to craft a package deal on trade issues, including tariffs, non-tariff barriers and economic cooperation, by July 8, when the 90-day pause on the Donald Trump administration's reciprocal tariffs will end. South Korea has been seeking to gain a full exemption or reduction of the Trump administration's 25 percent reciprocal tariffs for the country, as well as sectoral tariffs on steel, automobile and other imports. In a working-level meeting last week, the office of US Trade Representative urged Seoul to resolve non-trade barrier issues listed on its 2025 National Trade Estimate Report on Foreign Trade Barriers, a Seoul trade official has said on the condition of anonymity. The NTE report had laid out a wide range of Korea's non-tariff measures, including its import ban on American beef from cattle aged 30 months or older, South Korea's "offset" defense trade policy, digital trade barriers, such as restrictions on the export of location-based data, and emission-related regulations on imported cars, as well as pricing policies for pharmaceuticals. Though details of Washington's requests have not been disclosed, industry watchers say the US may have also raised an issue with Seoul's high tariffs on rice imports, which Trump has mentioned as an example of trade barriers by foreign countries in his speech announcing the country-by-country reciprocal tariffs in early April. Seoul's baseline tariff on rice imports stands at 513 percent, but the country actually implements only a 5 percent tariff on a yearly import quota of up to 132,304 tons of US rice. South Korea's trade treaty law requires the government to conduct economic feasibility studies on new trade deals that may have a significant influence on the national economy and submit a report on the negotiations to the National Assembly. South Korea plans to pass the baton of the ongoing tariff negotiations with the US to the next government as the country is set to hold its presidential election next Tuesday, with the incoming administration widely expected to take office the very next day. "The US seems to have put many issues on the table as part of its negotiation strategy, but given the timeline and South Korea's domestic situation, Washington likely understands that it is difficult to reach a conclusion on these matters in the near future," a government official said. (Yonhap)
Indian Express
26-05-2025
- Business
- Indian Express
Tariff Tracker, May 26: After EU reprieve, will South Korea secure a deal with the US?
Two days after threatening to impose 50% tariffs on the European Union, US President Donald Trump announced on Sunday (May 25) that he would hold off implementing these until July 9. In a social media post, he said he had spoken to European Commission President Ursula von der Leyen, who had requested an extension of the June 1 deadline he imposed on Friday. In a separate social post, von der Leyen wrote that the two leaders had a 'good call,' and that Europe was 'ready to advance talks swiftly and decisively.' On Friday (May 23), Trump announced he would impose 50% tariffs on imports from the EU, effective June 1, signalling his impatience with the pace of the talks. This builds on his animosity towards the bloc, a longtime ally of the US. His tariff threat sent markets spiralling downward on fears of an escalating trade war. According to a report by The New York Times, European officials had submitted a term sheet with details of their offers towards a trade deal with the US. This included mutually ending tariffs on industrial goods, a commitment to increase purchases of US fuel, and seeking reduced tariffs on European goods, specifically on cars and pharma. The Trump administration has taken issue with EU policies it cites as discriminating against US businesses, including the European value-added tax. The US is the EU's largest trading partner, accounting for 20% of its goods exports last year. Data from the Office of the US Trade Representative (USTR) revealed that the US ran a $235.6 billion trade deficit with the EU in 2024, a 12.9% increase over the previous year. The European Commission estimates that American tariffs would impact around 70% of the bloc's goods trade with the US. As things stand, the EU already faces 25% tariffs on exports of automobiles and metals, as well as 10% retaliatory tariffs on all non-goods exports, slated to increase to 20% from July 8. Overall tariffs on the EU could increase to 97%, following the Section 232 investigations opened by the White House into pharmaceuticals, semiconductors, critical minerals, and trucks. Should all talks fail and Trump's tariffs become effective, the EU is set to unfurl countermeasures worth €21 billion. These would impact US exports of maize, wheat, motorcycles and clothing. A separate set of tariffs targets €95 billion of items, including Boeing aircraft, cars and bourbon whiskey, excluded from the earlier list. South Korea next in the firing line? The US has reportedly asked South Korea, its long-time ally with which it enjoys a Free Trade Agreement, to resolve the trade imbalance in commodities between both countries, Reuters reported on Monday. USTR data reveals that the US ran a $66 billion trade deficit with South Korea in 2024, a 29.2% increase over 2023. According to the report, the two countries entered technical consultations in Washington last week to discuss tariff and non-tariff measures flagged in the USTR's 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers. Among other things, the NTE Report took note of the Korean import ban on American beef from cattle aged over 30 months, emissions regulations on imported cars and pharma pricing policies. The US and South Korea also reportedly engaged in discussions on economic security and goods origins. In the past, Trump has threatened to withdraw some American troops from South Korea, which would expose it to threats from North Korea. South Korea is dependent on nuclear deterrence from the US, with interim President Han Duck-soo describing the support of the US as 'absolutely critical for us' to The Economist. The two countries have engaged in talks since Trump announced the 'Liberation Day' tariffs in April, with a view to finalising a trade deal. South Korea currently faces 25% 'reciprocal' tariffs on its exports, and continues to push for tariff exemptions. It will also be affected by the 25% tariffs on automobiles and metals. The IMF reduced South Korea's growth forecast to 1% following the tariff announcements, while Trump's Korea tariffs violate several terms of the US-Korea FTA in place since 2012. Trump claims that South Korea tariffs American goods by 50%, which the South Korean government has refuted, saying the average tariff rate on US imports under the FTA is less than 1%. Last week, poll-bound South Korea announced a round of support measures for its key export industries of biopharmaceuticals and automotives against Trump's tariffs.
Korea Herald
26-05-2025
- Business
- Korea Herald
US calls for resolution of non-tariff barrier issues in latest trade consultation with S. Korea: sources
The United States asked South Korea to resolve various non-trade barrier issues in their latest round of working-level trade talks, government sources said Monday, as Seoul is seeking to get a reduction or exemption of the Donald Trump administration's tariffs. In last week's working-level consultations, Washington urged Seoul to handle non-trade barrier issues listed on the 2025 National Trade Estimate Report on Foreign Trade Barriers issued by the office of the US Trade Representative in March, according to sources familiar with the matter. The NTE report had touched on a wide range of Korea's non-tariff measures, including its import ban on American beef from cattle aged 30 months or older, South Korea's "offset" defense trade policy, emission-related regulations on imported cars and pricing policies for pharmaceuticals. The two countries held their second round of "technical discussions" in Washington last week as agreed in a meeting between South Korean Industry Minister Ahn Duk-geun and USTR Jamieson Greer on the sidelines of an Asia-Pacific Economic Cooperation trade ministers' meeting held on South Korea's southern island of Jeju earlier this month. South Korea has been seeking to gain a full exemption or reduction of the Trump administration's 25 percent reciprocal tariffs for the country, as well as sectoral tariffs on steel, automobile and other imports. "Among the list of requests from the US, there are some things that can be resolved by easing regulations, but there are also matters concerning market access, which require necessary procedures under the trade treaty procedure act," a senior trade official said on the condition of anonymity, apparently referring to Seoul's beef imports and high tariffs on imported rice. South Korea imposes a 513 percent tariff on rice imports, but implements a 5 percent tariff rate quota for up to 132,304 tons of yearly rice imports from the US. The Korean delegation is said to have explained such issues can be dealt with in accordance with procedures under the trade treaty law, such as a parliamentary report. The delegation also told the USTR that South Korea has been looking into Google's request to transfer the country's high-precision map data and approved the cultivation of US-grown living modified organism potatoes as part of efforts to resolve the non-tariff barrier issues, according to the sources. The government plans to leave the decision of sensitive trade issues to the next government as the country is set to hold its presidential election next Tuesday. (Yonhap)
Malaysiakini
06-05-2025
- Business
- Malaysiakini
Halal rules, bumiputera equity among US concerns that prompted tariffs
Malaysia's halal import restrictions and requirements for bumiputera equity in foreign-owned companies have been flagged by the United States as key trade barriers cited among the reasons behind the 24 percent reciprocal tariff on Malaysian exports. In its 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers, the Office of the US Trade Representative (USTR) said Malaysia's halal import requirements were more stringent than international norms.
