Trump Administration Prepares Section 301 Tariffs on July 24 as 10% Global Duty Expires; South Korea Eyes 15% Cap

As of July 22, the Trump administration is preparing to replace its temporary 10% global tariff with new Section 301-based duties when the measure expires on July 24. According to Korean government officials and the U.S. Trade Representative, USTR will announce additional tariff measures on July 23. South Korea and the U.S. negotiated a 15% tariff cap last year through an agreement, which Seoul views as a key negotiating anchor to limit further increases. Analysts estimate potential tariff rates could exceed 20% if both forced labor-related duties and overcapacity-related duties are combined, affecting key export sectors including batteries, chemicals, and machinery.
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