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South Korea: South Koreans believe US tariff policy will hurt global trade

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Seoul, South Korea - Recent Residents of Seoul, the South Korean Capital, have criticized the new tariff policies of the United States, saying that using tariffs as a tool to exert pressure on other countries will have negative consequences for global trade. Following the announcement of a 25-percent tariff on steel and aluminum imports in to the country, U.S. President Donald Trump signed a memorandum on Feb. 13 directing his administration to evaluate "the equivalent of a reciprocal tariff with respect to each foreign trading partner". These decisions have attracted significant global attention and strong condemnations. In recent interviews with CGTN, South Koreans on the streets of Seoul rejected the tariffs as a threat aimed at pressuring other nations, with some saying the effects would be limited while others were concerned about the harm tariffs might do to the economies of South Korea and many other nations. With the U.S. raising tariffs on aluminum to 25 percent and ending duty-free quotas, exemptions, and exclusions for steel and aluminum, South Korea is facing heightened pressure as the fourth-largest steel supplier to the American market. Some accused the U.S. of disregarding free trade rules, saying tariffs will severely harm global trade relations. Shotlist: Seoul, South Korea - Recent: 1. Various of traffic, pedestrians; 2. SOUNDBITE (Korean) So Jae-won, writer (partially overlaid with shot 3): "It's just a political bluff. In reality, it's not something that can actually be done, and he knows it's impossible. But the fact that he's saying it anyway means he's trying to pressure other countries to get what he wants. South Korea's steel industry might take a hit, with stocks dropping temporarily, but this won't last long. The real question is whether we'll just be dragged along or if we have the ability to negotiate a deal properly. It's one or the other."; [SHOT OVERLAYING SOUNDBITE] 3. Various of pedestrian at Gwanghwamun Square; [SHOT OVERLAYING SOUNDBITE] 4. SOUNDBITE (Korean) Oh Young-kyu, retiree (partially overlaid with shots 5-7): "This is extremely unfair. I understand that the U.S. has had trade imbalances, as it imports general consumer goods. However, the U.S. earns far more money from global financial services – several times more than what it loses in trade. Also, they sell a significant amount of weapons worldwide. Given this, disregarding existing free trade agreements is something I strongly oppose."; [SHOTS OVERLAYING SOUNDBITE] 5. Various of traffic, statue; FILE: Washington D.C., USA - Date Unknown 6. Various of Capitol building; FILE: New York City, USA - October 2024 7. U.S. national flags; [SHOTS OVERLAYING SOUNDBITE] Seoul, South Korea - Recent 8. Various of pedestrians; 9. SOUNDBITE (Korean) Kim Ki-nam, city council member: "In fact, our country's semiconductor industry is one of our largest export sectors, and our automobile exports rank third in the world. If a tariff of over 20 percent is imposed on steel, it will have a tremendously negative impact."; 10. SOUNDBITE (Korean) Ahn Jin-geol, public economy expert (partially overlaid with shots 11-13): "The world has already been operating under WTO regulations and a free trade system, where countries – including the U.S. – have freely entered into trade agreements and policies. The U.S. has long emphasized free trade and the advantages of market capitalism worldwide. However, when faced with unfavorable conditions, it imposes excessive and indiscriminate tariffs, targeting specific industries or countries in a way that is neither free trade nor market capitalism. Instead, it is purely about maintaining U.S. hegemony and unilateral dominance, which ends up harming other nations and businesses."; [SHOTS OVERLAYING SOUNDBITE] FILE: Washington D.C., USA - Date Unknown 11. Various of White House; Seoul, South Korea - Recent 12. U.S. Embassy; 13. National flags of South Korea, U.S.; [SHOTS OVERLAYING SOUNDBITE] 14. National flags of South Korea; 15. Various of pedestrians. [Restriction - No access Chinese mainland]

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