Seoul, Sep 11
The United States' trade policy is estimated to lower South Korea's economic growth rate by 0.45 percentage point this year, the central bank here said on Thursday.
After months-long negotiations, Seoul and Washington reached a crucial agreement in late July, under which the US imposes a 15 percent tariff on South Korea, down from the initially planned 25 percent, in exchange for an investment pledge of $350 billion in the US, reports news agency.
"The impact of the U.S.' tariff policies was limited in the first half on the back of U.S. companies' inventory accumulation, pre-exports to the U.S. by other countries and shared burdens by businesses. But the effects are expected to become more visible going forward," the Bank of Korea (BOK) said its latest biannual monetary policy report.