S. Korean finance minister asks U.S. counterpart for auto tariff relief

SEJONG, Dec. 18 (Yonhap) -- South Korean Finance Minister Hong Nam-ki on Tuesday asked the U.S. Treasury Secretary Steven Mnuchin for an exemption from tariffs on imported vehicles following the ratification of a revised bilateral trade pact, the finance ministry here said.

Hong and Mnuchin spoke for about 20 minutes on the phone, covering a wide range of bilateral issues, the ministry said.

The two officials welcomed the recent ratification of a revised free trade agreement between the two countries. Hong noted that South Koreans are still worried about potential tariffs on Korean autos based on Section 232 of the Trade Expansion Act on national security grounds and asked Mnuchin's support for relief.

Mnuchin said he will share Hong's concerns with the White House, Department of Commerce and the United States Trade Representative and will try to get South Korea's voice heard in the matter.

Hong also said South Korea will keep trying to ensure transparency in its foreign exchange policies, with a focus on executing recently announced plans to stabilize the market. Mnuchin recognized South Korea's efforts and stressed the importance of close bilateral coordination to that end.

Hong also sought continued U.S. support for South Korea's trade with Iran. In November, the U.S. reimposed oil sanctions on Iran but granted South Korea and seven other countries a temporary waiver on Iranian crude oil purchases.

The ministry said Hong and Mnuchin reaffirmed the close financial and banking cooperation between Seoul and Washington built on the foundation of a strong bilateral alliance.
(END)