KITA Dispatches Economic Delegation to Washington D.C., Requests 'Tariff Deferral and Exemption'

Outreach Activities in the United States Concluded
Meetings with Acting Under Secretary of the U.S. Department of Commerce and Others
Emphasizing Business Challenges and the Need for Korea-U.S. Cooperation

The Korea International Trade Association (KITA) dispatched an economic cooperation delegation to Washington D.C., USA, from May 12 to May 15 (local time), conducting outreach activities aimed at strengthening economic ties with the United States.

KITA announced on May 15 that the delegation, led by Chairman Jinsik Yoon, included seven companies with business operations in the United States: MetabioMed (bio), Exicon (semiconductor equipment), Iljin Group (automotive parts), Jusung Engineering (semiconductor equipment), Doosan (heavy equipment), Dongwon (food), and SeAH Steel (steel).

Chairman Yoon and the delegation personally attended 'SelectUSA,' the largest investment promotion event hosted by the U.S. government, to assess local trends. They also met with Trevor Kellogg, Acting Under Secretary of the U.S. Department of Commerce, to explain the positive impact of Korean companies' investments in the United States and to communicate the challenges faced by these companies.

Chairman Yoon emphasized, "Korean companies have not only created high-quality jobs through active investment in the United States, but have also made significant contributions to strengthening the production capacity of America's high-tech industries." He added, "Korea has now grown from being a simple economic cooperation partner to a 'strategic multiplier nation' responsible for America's economic security." The term "strategic multiplier nation" refers to a country that possesses core industrial technologies capable of revitalizing America's economic security and strategic industries, such as shipbuilding, semiconductors, batteries, and nuclear power.

On the 14th (local time) in Washington D.C., USA, the Korea International Trade Association (KITA) economic cooperation delegation and Senator John Curtis took a commemorative photo after their meeting. From the left in the first row: Myungbae Choi, Chairman of Exicon; Jinsik Yoon, Chairman of Korea International Trade Association; Seoksong Oh, Chairman of MetabioMed; Jun Lee, CEO of SeAH Steel America. Courtesy of KITA

In addition, regarding the recent national security impact investigations into imported copper products, semiconductors, and pharmaceuticals under Section 232 of the Trade Expansion Act, KITA requested that tariff deferrals or exemptions be granted to Korean companies, emphasizing that reliable partners like Korean firms are essential for stabilizing the U.S. supply chain.

In response, Acting Under Secretary Kellogg stated, "Korean companies are key partners in fostering America's strategic industries, and we expect positive outcomes from the ongoing negotiations." He added, "The Department of Commerce is also paying close attention and making efforts regarding professional visas for Korean technical personnel."

Chairman Yoon also met with the governors of Maryland and Michigan, requesting state-level support for Korean companies. Wes Moore, Governor of Maryland, who met Chairman Yoon for the second time following last month's meeting, announced that he would arrange a separate roundtable to support Korean companies operating locally. Gretchen Whitmer, Governor of Michigan, also emphasized that she would actively seek support measures with relevant departments to address the difficulties faced by Korean businesses in the state.

Chairman Yoon met with key members of the U.S. Congress to request support for Korean companies and discuss cooperation measures. In particular, he conveyed Korean companies' concerns about reduced investment incentives due to the scaling back of Inflation Reduction Act (IRA) subsidies to Representative Pete Sessions (Republican, Texas), Chairman of the House Appropriations Subcommittee.

Chairman Yoon also met with Senator John Curtis (Republican, Utah), co-sponsor of the Naval and Coast Guard Readiness Assurance Act, emphasizing that Korea possesses world-class technological capabilities to support the revitalization of the U.S. shipbuilding industry. In addition, he met with Representative Mike Kelly (Republican, Pennsylvania), co-chair of the Congressional Korea Caucus, Representative Beth Van Duyne (Republican, Texas), and Representative Abraham Hamadeh (Republican, Arizona), highlighting the importance of Korea-U.S. cooperation.

On May 13, KITA successfully hosted the 'KITA Networking Reception' at 101 Constitution in Washington D.C. for prominent figures from the U.S. political and business sectors. The event was attended by more than 300 participants, including Representative Joe Wilson (Republican, South Carolina), co-chair of the Congressional Korea Caucus, Representative Andy Biggs (Republican, Arizona), Chairman of the House Judiciary Subcommittee, and Representative Dave Min (Democrat, California). They engaged with Korean business leaders and discussed ways to enhance economic cooperation between the two countries.