According to local media reports, the Korean government has been asked by the United States to change the method of taxation on the importation of American cars in order to reduce the price at which they are sold to consumers.
The proposal was purportedly made by the US delegation at the latest bilateral Quarterly Trade Talks in Washington last month, according to the Ministry of Foreign Affairs and the Ministry of Commerce, Industry and Energy.
At present, Korean import taxes are based on the price of the product after the cost of tariffs has been factored in to the equation. However, the United States is keen to see the system change so that taxes are based on the pre-tariff cost of the goods, making American products somewhat cheaper for Koreans.
One of the consequences of such a move on the part of South Korea would be that the government may have to consider changing the tax rules for other imported products, not just American cars, a government official has indicated, making a change in the current situation unlikely for now.
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