South Korea to Negotiate with US for Favorable Chip Tariff Terms

South Korea has announced plans to negotiate with the United States for more favorable chip tariff terms, according to an official statement ^[1]. This move comes as the global semiconductor industry continues to face significant challenges due to ongoing trade tensions and supply chain disruptions.

The South Korean government has expressed concerns about the impact of US tariffs on the country's chip exports, which are a crucial component of the global electronics supply chain. The tariffs, imposed by the US in 2020, have led to a significant increase in costs for South Korean chipmakers, making it difficult for them to compete in the global market.

The negotiations between South Korea and the US are expected to focus on reducing or eliminating the tariffs on South Korean chip exports. The South Korean government has also expressed hopes that the negotiations will lead to a more stable and predictable trade environment for the country's chip industry.

The US has been imposing tariffs on South Korean chip exports as part of its broader trade policy aimed at reducing the country's trade deficit. However, the move has been criticized by many in the industry, who argue that it will ultimately harm the US economy by driving up costs for American consumers and businesses.

The South Korean government has been working closely with the US to address the issue, and the negotiations are expected to continue in the coming weeks. The outcome of the negotiations will have significant implications for the global semiconductor industry and the US-South Korea trade relationship.

Sources

[1] South Korea to negotiate with the US for favourable chip tariff terms, official says