Anchor: U.S. President Donald Trump’s reciprocal tariffs went into effect Thursday, affecting countries around the world. Welcoming the changes, U.S. Trade Representative Jamieson Greer has declared an end to the global trade order under the World Trade Organization and the start of a whole new system. 
Choi You Sun reports.

Report: The Donald Trump administration’s broad tariffs of between ten and 50 percent on goods entering the United States from around the world went into effect.

On Thursday local time, the White House said products from over 60 countries and the European Union(EU) will face tariffs of at least ten percent — 15 percent for South Korea, Japan and the EU, and 20 percent for Taiwan, Vietnam and Bangladesh.

South Korea, Japan and the EU reduced their rate to 15 percent in exchange for pledges to invest hundreds of billions of dollars in America.

Later in the day, President Trump said he expects unprecedented domestic growth, adding that the U.S. is taking in hundreds of billions of dollars in tariffs.

In an op-ed in the New York Times, U.S. Trade Representative Jamieson Greer said the world is witnessing a new trade order under what he called the “Trump Round,” a reference to the Uruguay Round of trade negotiations, which reformed the global trading system in the late ’80s and early ’90s, leading to the creation of the World Trade Organization(WTO).

Greer said the Bretton Woods system adopted during World War II and the later WTO system, tasked with regulating the trade policies of its 166 member countries, were “untenable and unsustainable,” citing U.S. deindustrialization, foreign protectionism, and China’s exploitation of global trade rules.

The trade official said Washington’s trade deals with South Korea and the EU, which include significant commitments to invest in U.S. productive capacity, will accelerate U.S. reindustrialization.

He specifically mentioned how South Korea will help reinvigorate the U.S. shipbuilding industry.

Greer added that fewer than 130 days from the beginning of the Trump Round, the Turnberry system — referring to the Scottish town where Trump agreed to a trade deal with the EU Commission’s president after a round of golf — is by no means complete, but that its construction is well underway.
Choi You Sun, KBS World Radio News.