July 4, 2020, 16:04


South Korean Finance Minister Asks US for Car Tax Waiver – Reports

South Korean Finance Minister Asks US for Car Tax Waiver – Reports

MOSCOW (Sputnik) – South Korean Finance Minister Hong Nam-ki asked the United States on Friday not to levy duties on car imports from his country, Yonhap news agency reported.

The plea was made during the minister’s meeting in Seoul with US Ambassador Harry Harris, the Yonhap news agency said, citing a ministerial statement. The diplomat reportedly vowed to convey the message to Washington.

READ MORE: South Korea Considers Taxing Cryptocurrency Transactions — Finance Minister

The United States launched a probe last May into a car trade deficit with South Korea over concerns it posed a national security threat. US President Donald Trump threatened Seoul with 25 percent tariffs on all vehicles imported into the United States.

South Korea eventually agreed last year to revise a bilateral free trade deal to address US concerns over automotive imports. The agreement came into effect earlier this January.

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