Seoul urges Mexico to mitigate impact of planned tariff hikes on Korean firms

Vice Trade Minister Park Jung-sung on Friday called on the Mexican government to introduce measures to minimize harm to Korean companies from its tariff hike plan, Park's office said. Park made the call during his meeting with Mexican Ambassador to Seoul Carlos Penafiel Soto, stressing that Korean companies have made substantial investments in Mexico, contributing to its economy, according to the Ministry of Trade, Industry and Resources. Last week, Mexico's Senate approved tariff hikes from next year on imports of automobiles, auto parts, textiles, steel and other goods from countries that do not have a free trade agreement (FTA) with the country, including Korea. Under the plan, Mexico plans to impose 25 percent tariffs on imported auto parts, 25-30 percent tariffs on washing machines, 25 percent duties on refrigerators and 30 percent duties on microwaves. Park asked the Mexican government to pay "special" attention so its tariff hike plan would not adversely affect investment and trade between the two countries. Park also proposed swift resumption of negotiations for an FTA to create a