Economic Impact of Extended Duty Phaseout for Korean Trucks is Focus of ITC Probe
The International Trade Commission has initiated an investigation on the probable economic effect of modifications to the U.S.-Korea Free Trade Agreement regarding the staging of duty treatment for trucks. Comments are due by May 1 and the ITC will submit its report to the Office of the U.S. Trade Representative by June 1.
Under a recent agreement in principle to modify KORUS, the U.S. will have an additional 20 years, until 2041, to phase out its 25 percent tariff on Korean motor vehicles for the transport of goods, provided for in HTSUS 8704.21.00, 8704.22.50, 8704.23.00, 8704.31.00, 8704.32.00, and 8704.90.00. USTR has requested that the ITC examine the effect of this change on U.S. trade in general as well as domestic producers of the affected articles.