Representative Greier [Yonhap News Agency=Reuters]Jamie Gorelick, the U.S. Trade Representative (USTR) Representative, announced on the 2nd (local time) that the results of the Section 301 investigation into dozens of countries, including South Korea, would be released within weeks.

Speaking on CNBC television on the same day, Representative Gorelick, when asked about measures to replace the tariff gap created by the Supreme Court's illegal ruling, stated, "We are investigating specific unfair trade practices in various countries, and we are investigating over 70 countries. We will release the results report in the coming weeks."

Representative Gorelick explained, "If we find unfair trade practices such as structural overcapacity or forced labor, we will present our proposals on how to rectify them," adding that tariffs could be one of those measures.

He pointed out, "While we cannot prejudge the results, internationally unfair trade practices have continued." He also emphasized, "Our trade deficit is enormous and there is a lot of offshoring, so the imposition of significant tariffs is truly necessary for us."

The USTR initiated investigations under Section 301 of the Trade Act in March in two areas: 'overproduction' and 'import of products produced by forced labor.' Section 301 of the Trade Act empowers the executive branch to respond to unfair policies and practices of foreign governments through measures such as imposing tariffs.

The Section 301 investigation is intended to replace the retaliatory tariffs that the Supreme Court ruled illegal in February. Following the illegal ruling, the Donald Trump administration imposed a so-called 'global tariff' of 10% on global trading partners under Section 122 of the Trade Act. As the period for imposition is 150 days, ending in late July, it is anticipated that tariffs imposed as a result of the Section 301 investigation will fill the gap.

The overproduction investigation under Section 301 of the Trade Act is being conducted against 16 entities, and the forced labor investigation against 60 economic entities, with South Korea being a target for both.

The USTR announced yesterday a plan to impose a 25% retaliatory tariff on Brazil under Section 301 of the Trade Act. Some items such as beef, coffee, and rare earths were excluded from the imposition. Representative Gorelick explained on the same day that this was a carefully considered decision based on various factors.