South Korea Seeks to Resolve Any ‘Misunderstanding’ with US about Tariff Rates 

South Korea's acting President and Deputy Prime Minister Choi Sang-mok speaks during the 106th Independence Movement Day ceremony at Soongeui Women's University in Seoul on March 1, 2025. (AFP)
South Korea's acting President and Deputy Prime Minister Choi Sang-mok speaks during the 106th Independence Movement Day ceremony at Soongeui Women's University in Seoul on March 1, 2025. (AFP)
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South Korea Seeks to Resolve Any ‘Misunderstanding’ with US about Tariff Rates 

South Korea's acting President and Deputy Prime Minister Choi Sang-mok speaks during the 106th Independence Movement Day ceremony at Soongeui Women's University in Seoul on March 1, 2025. (AFP)
South Korea's acting President and Deputy Prime Minister Choi Sang-mok speaks during the 106th Independence Movement Day ceremony at Soongeui Women's University in Seoul on March 1, 2025. (AFP)

South Korea's acting president on Monday ordered authorities to actively communicate with the US administration to resolve any misunderstanding over tariffs, after US President Donald Trump recently singled out South Korea for applying high tariffs.

Trump, who has told his economic team to prepare reciprocal tariff plans by early April, said last week during an address to the US Congress that South Korea's average tariff was four times higher than that of the United States, despite military and other assistance Washington has provided to its Asian ally.

Acting President Choi Sang-mok "ordered to actively explain to the US about any misunderstanding of our tariff rates on US imports," the finance ministry said in a statement.

South Korea imposes the second-highest tariff rate among the top 15 US trading partners after India, but for US imports, nearly all tariffs are eliminated under their free trade agreement first signed in 2007 and revised in 2018 during Trump's first term.

As of 2024, South Korea's effective tariff rate on US imports stood at 0.79%, according to Seoul's trade ministry.

Choi said the government would also review non-tariff measures, which Trump said would be considered in his reciprocal tariff plan.

The acting president asked South Korean officials to prepare for consultations with the US on cooperation in the shipbuilding and energy sectors.

Trump had said during his speech that Japan, South Korea and other countries wanted to partner on a natural gas pipeline in Alaska.

South Korea's industry ministry has said the country would "actively engage" in discussions with the US on the project, though said no details had been decided.



Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
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Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)

The Istanbul stock exchange's main index was hit hard on Friday, closing 7.8 percent down on the third day of protests over the arrest of Istanbul mayor Ekrem Imamoglu.

The 53-year-old mayor -- Erdogan's main political rival -- was arrested on Wednesday, days before he was due to be named the CHP party's candidate for the 2028 presidential race.

The BIST 100 had already slipped by 8.7 percent on Wednesday following Imamoglu's arrest over allegations of "corruption" and links to a "terrorist organization".

The damage was limited to a fall of 0.5 percent on Thursday, but faced with a sharp fall on Friday, trading was suspended twice in the morning.

The index fell below 9,000 points during Friday trading for the first time since early November, a fall of more than 16.5 percent over five days.

Imamoglu's party has denounced his arrest as a "coup" and international organizations including the European Union have expressed concern.

It has also sparked street protests, which President Recep Tayyip Erdogan on Friday denounced as "street terror".