financetom
Business
financetom
/
Business
/
South Korea to probe 'made in Korea' violations ahead of US tariffs
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
South Korea to probe 'made in Korea' violations ahead of US tariffs
Mar 24, 2025 8:49 PM

SEOUL (Reuters) - South Korea will launch a special probe into violations of the free trade pact with the United States regarding country of origin markings, the Korea Customs Service (KCS) said on Tuesday, ahead of U.S. President Donald Trump's tariffs.

South Korea is among 20 countries worldwide, and one of only three in the Asia-Pacific region, that has a free trade agreement with the United States. Under this pact, nearly all tariffs are eliminated for goods traded between the two countries.

The KCS said it would investigate products exported to the U.S. for violations in marking the country of origin.

Authorities will take firm action against companies knowingly disguising foreign goods as South Korean products to protect domestic companies and the authenticity of South Korean exports, the KCS said.

"We are taking preemptive action to protect domestic companies as there are concerns from earlier experience during the first Trump presidency that U.S. verifications might become stricter after imposing higher tariffs," a KCS spokesperson said.

Products at high risk of false markings, such as those subject to U.S. anti-dumping tariffs or closely watched by U.S. customs authorities, will be scrutinised, the KCS added.

The Trump administration said it would prepare reciprocal tariffs against its major trading partners by April 2, after imposing steep tariffs on imports from China as well as those from Canada and Mexico that do not comply with their free trade pact.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Bank of America investment banking executive dies
Bank of America investment banking executive dies
May 6, 2024
NEW YORK, May 6 (Reuters) - An investment banking executive at Bank of America ( BAC ) has died, the bank said on Monday. The person died of natural causes, according to an email from the New York Office of the Chief Medical Examiner, who confirmed details when asked about the case. The person died of acute coronary artery thrombus,...
Australia's ANZ unveils $1.3 billion buyback after half-year earnings meet estimates
Australia's ANZ unveils $1.3 billion buyback after half-year earnings meet estimates
May 6, 2024
(Reuters) -ANZ Group on Tuesday unveiled a new A$2 billion ($1.32 billion) share buyback after the bank's first-half cash earnings largely met analyst estimates, but flagged its concerns about challenges in Australian and global economies. Cash profit fell 7% to A$3.55 billion ($2.35 billion) for the six months ended March 31, only slightly above a Visible Alpha consensus estimate, compiled...
Federal judge sends FedEx contractor's racketeering claim to arbitration
Federal judge sends FedEx contractor's racketeering claim to arbitration
May 6, 2024
LOS ANGELES, May 6 (Reuters) - A federal judge on Monday ruled that a small business contracted to deliver packages for FedEx on the California-Oregon border must arbitrate with FedEx over claims it made against the company of racketeering and other alleged legal violations. In granting FedEx Ground's motion to compel arbitration, Judge Sallie Kim wrote that PYNQ failed to...
Boeing's Starliner capsule set for first crewed space flight in rivalry with SpaceX
Boeing's Starliner capsule set for first crewed space flight in rivalry with SpaceX
May 6, 2024
CAPE CANAVERAL, Florida (Reuters) -Boeing's new Starliner spacecraft was poised for launch on Monday night on a much-delayed first crewed test flight to orbit, as the company scrambles to compete with Elon Musk's SpaceX for a greater share of lucrative NASA business. The CST-100 Starliner with two astronauts aboard was due for liftoff at 10:34 p.m. (0234 GMT on Tuesday)...
Copyright 2023-2026 - www.financetom.com All Rights Reserved