South Korea says the US-South Korea trade agreement remains valid; Supreme Court tariff ruling does not alter the framework.

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The South Korean government stated that despite the U.S. Supreme Court’s tariff ruling, the overall framework of the trade agreement between South Korea and the United States will remain intact. This statement aims to stabilize market expectations and ease exporters’ concerns about the trade outlook.

According to CCTV News, on Friday the 20th local time, the U.S. Supreme Court ruled that the large-scale tariff measures imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA) lacked clear legal authorization. Reportedly, the ruling invalidates the current 15% reciprocal tariffs imposed on South Korean goods.

On Saturday, South Korean Minister of Trade, Industry, and Energy Kim Jung-kwan held an emergency meeting to assess the impact of the U.S. Supreme Court ruling. Kim Jung-kwan said:

Although the ruling increases uncertainty for exports to the U.S., the overall framework of export conditions ensured under the Korea-U.S. tariff agreement will remain unchanged.

He promised to take comprehensive measures to protect national interests and South Korean companies. The South Korean government stated that the sectoral tariffs targeting automobiles and steel remain effective and are not affected by the U.S. Supreme Court ruling.

Trump Administration Adds New Global Tariffs

After the Supreme Court's decision, the Trump administration separately announced the imposition of a 10% global tariff under Section 122 of the Trade Act.

South Korea pledged to thoroughly monitor subsequent U.S. measures, continue dialogue about the implementation of last year’s trade agreement, and provide support for affected enterprises.

Analysts believe the ruling has come at a time when tariff relations between South Korea and the United States were already very fragile.

Under an agreement containing a $350 billion investment commitment, the U.S. imposed a 15% tariff on South Korean imports including automobiles.

Last month, Trump also warned that he might raise tariffs, citing slow progress by South Korea in enacting legislation required to fulfill the commitment.

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