US Treasury Secretary Steven Mnuchin has promised that Washington will take into account South Korea's concerns while deciding on whether to slap new tariffs on imported autos next month, the Yonhap news agency reported on Friday, citing the national finance ministry
MOSCOW (Pakistan Point News / Sputnik - 18th October, 2019) US Treasury Secretary Steven Mnuchin has promised that Washington will take into account South Korea's concerns while deciding on whether to slap new tariffs on imported autos next month, the Yonhap news agency reported on Friday, citing the national finance ministry.
Mnuchin met with his South Korean counterpart, Hong Nam-ki, in Washington on Thursday. The latter urged for exemptions from possible auto tariffs.
The media outlet noted that South Korea wanted the US to meet it halfway following the concessions that Seoul had made in the recently revised bilateral trade deal.
By November 13, President Donald Trump is scheduled to decide on whether to impose import restrictions on autos and parts over national security considerations under the Trade Expansion Act.
In 2017, cars made up some 7 percent of South Korea's total exports, with the United States accounting for 40 percent of these shipments.
