South Korea requested an exemption from the semiconductor tariffs that USA might impose
According to a report by the South Korean media Businesskorea on May 7th, the South Korean government has requested the United States to exempt potential tariffs on imported semiconductors, claiming that import restrictions on semiconductors and manufacturing equipment may have a negative impact on South Korean enterprises' investment plans in the United States. The Ministry of Trade, Industry and Energy (MOTIE) of South Korea announced on May 7 that it has submitted a written opinion to the US Department of Commerce regarding the investigation into the security impact of US semiconductor imports. The US Department of Commerce launched an investigation on April 1 under Section 232 of the Trade Expansion Act to review the impact of imports of semiconductors and semiconductor manufacturing equipment on national security. The public consultation period has been open for 21 days since April 16th. Section 232 authorizes the President of the United States to take measures such as tariffs if certain imported goods are regarded as posing a threat to national security.
In addition, according to a supplementary report by Securities China, against the backdrop of the continuous escalation of global trade tensions, the sales momentum of South Korea's semiconductors remains very strong. The latest data released by South Korea's Ministry of Trade, Industry and Energy shows that South Korea's exports in April increased by 3.7% year-on-year to 58.21 billion US dollars, setting a new record high for exports in that month. Among them, South Korea's semiconductor shipments increased by 17.2% year-on-year, reaching 11.7 billion US dollars, also setting a new record high for the month.
In addition, according to a supplementary report by Securities China, against the backdrop of the continuous escalation of global trade tensions, the sales momentum of South Korea's semiconductors remains very strong. The latest data released by South Korea's Ministry of Trade, Industry and Energy shows that South Korea's exports in April increased by 3.7% year-on-year to 58.21 billion US dollars, setting a new record high for exports in that month. Among them, South Korea's semiconductor shipments increased by 17.2% year-on-year, reaching 11.7 billion US dollars, also setting a new record high for the month.
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