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▲ US President Donald Trump. (Photo = AFP / Union)
The President of the United States, Donald Trump, is speeding up the examination of customs duties on import cars and the global automotive industry is fully aware of this. If the imposition of tariffs is achieved, exports to the United States will decline and this will have a great influence on the Korean economy as well as on the creation of jobs.
According to Bloomberg News, the White House is distributing a draft investigation report submitted by the Commerce Department regarding the Customs Control Plan for automobiles.
Bloomberg announced that US President Donald Trump would meet with senior officials from the commercial team and discuss how to implement the tariff plan, citing sources.
Sources who requested anonymity did not specifically mention the Commerce Department's findings.
The US Department of Commerce is required to submit a formal investigation report in February of next year, but the timing at which Trump will decide to impose import duties on wagons is not yet clear.
President Trump claims he can impose a 25% tariff on the cars of his trading partners, including the European Union and Japan, for reasons of national security. The Commerce Department investigates sport utility vehicles (SUVs), vans, light trucks, and auto parts, under section 232 of the Trade Expansion Act, according to the president. Trump.
Article 232 of the Trade Expansion Act is a federal law that allows for limiting imports or imposing high tariffs on items determined to undermine state security. -United. The Trump administration has applied high tariffs on steel and aluminum based on this law.
The auto industry has so many effects on employment and the economy that it is called the flower of the Korean manufacturing industry. If the United States imposes tariffs, it will have a huge impact on Korea's economy and auto exports. According to a report released in September by the Korea International Trade Association (KITA), Korean auto exports fell 22.7% when the United States imposed a 25% tariff on imported vehicles and finished parts. Followed by Japan (21.5%), China (21.3%) and Germany (21%). Given that the average price of vehicles exported to the United States is US $ 17,300, Korean car sales in the United States are at 4.3%, the lowest of major economies. The loss should occur.
South Korea agreed in March to revise the Korea-US Free Trade Agreement, which includes a large number of security measures in the auto sector, but it has not been confirmed whether it would be exempt from a separate levy. On April 30, Lee Hyung-kwon, Senior Vice Minister of the Ministry of Strategy and Finance, met with a new US Ambbadador to the US Embbady in Seoul to request an exemption from taxes on vehicles. Rapson is fully aware of our concerns and will cooperate with our government, but it is unclear to what extent such a dialogue will affect real rates.
On April 30, Lee Hyung-kwon, Senior Vice Minister of the Ministry of Strategy and Finance, met with a new US Ambbadador to the US Embbady in Seoul to request an exemption from taxes on vehicles. Rapson is fully aware of our concerns and will cooperate with our government, but it is unclear to what extent such a dialogue will affect real rates.
President Trump continues to put pressure on the EU and Japan. President Trump said he would decide to levy EU vehicle fares by February next year. President Trump and European Commission President Jean-Claude Juncker have decided to start negotiations for the elimination of tariffs on all products at the end of July, alleging that the trade dispute between the two sides seemed to be resolved, but that the products to be included in the elimination of tariffs Negotiations have not progressed. Cecilia Malstrom, head of trade in the European Union, plans to travel to Washington this week to meet with her US counterparts to find ways to reduce the scope of trade negotiations between the United States and the United States. ;Europe.
In a speech delivered on December 27 in Indiana, in the center of the United States, before the midterm elections, President Trump said: "If Japan does not open its market, it will impose a right to 20% customs on Japanese cars.I am going. "Last year, Japanese cars accounted for 20% of cars imported from the United States.
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