The American Chamber of Commerce in Korea(AMCHAM) has expressed a negative stance over Washington’s move to impose tariffs of up to 25 percent on imported cars.
At the Jeju Forum held in Seogwipo on Thursday, David Ruch, vice chair of the U.S. business lobby group based in Seoul, said the best way for the U.S. government to assist the exports of American cars is through free and fair trade, adding trying to impose high tariffs by applying Section 232 of the Trade Expansion Act is the wrong answer.
Ruch said the economic relationship between the U.S. and South Korea is indispensable for U.S. interests. He pointed out that South Korea is the sixth largest trade partner for the U.S. and that South Korea’s investment and U.S. exports to South Korea are supporting more than 400-thousand American jobs.
Last month, U.S. President Donald Trump instructed his trade officials to review a plan to impose high-rate tariffs on car imports based on Section 232, which allows such measures on the grounds of U.S. national security.