S. Korea’s bio industry urges US to exempt it from proposed pharmaceutical tariffs
Seoul, May 7 (IANS/WISHAVWARTA) The Korea Biotechnology Industry Organization (KBIO) on Wednesday said it has requested the US to exempt South Korea from the Donald Trump administration’s plan to impose tariffs on pharmaceutical imports.
KBIO said it submitted such an opinion formally to the US Department of Commerce on Tuesday (US time) regarding an ongoing investigation under Section 232 of the Trade Expansion Act, which is examining the national security implications of pharmaceutical imports, Yonhap news agency reported.
Washington launched the probe on April 1 and has sought public input from stakeholders. US President Trump has said he will announce tariff measures on pharmaceuticals in the coming weeks.
The organisation emphasised that South Korea is a reliable partner in the US pharmaceutical supply chain and plays a key role in making high-cost prescription drugs more affordable.
Citing recommendations by the US National Security Commission on Emerging Biotechnology last month, the South Korean bio trade group noted that the commission had stressed the importance of collaborating with allied countries to stabilise the pharmaceutical supply chain.
KBIO stressed that South Korea is already contributing to the US drug ecosystem through new drug development and contract manufacturing.
“Pharmaceutical products are essential for national security and patient protection, and global supply chains are highly interdependent,” the association said. “If trade measures are deemed necessary, we ask that South Korea, a key US ally and trusted source, be exempted from such actions.”
Meanwhile, South Korea has also asked the US to make “special consideration” of its chip exports as the Trump administration is moving to impose tariffs on imported semiconductors, Seoul’s industry ministry said Wednesday.
The South Korean government submitted a written opinion to the US administration regarding Washington’s national security investigation into semiconductor imports under the US Trade Expansion Act, according to the Ministry of Trade, Industry and Energy, Yonhap reported.
