KITA (Chairman: Jin Sik Yoon) hosted a seminar focusing on U.S. International Emergency Economic Powers Act (IEEPA) tariff lawsuit updates and strategies for tariff refund on Friday, 19 Decembmer at KITA HQs in Seoul.
This seminar was organised ahead of the U.S. Supreme Court's final decision on whether IEEPA is unconstitutional, which is scheduled to be made early next year. The seminar aimed at addressing concerns by Korean exporter companies regarding uncertainties on tariff refunds and offering measures on dealing with the unfolding situation depending on the final decision to be made by the Court. More than 200 people from exporter companies attended the seminar.
Sang-Sik Jang, the President of KITA Institute for International Trade mentioned, "At this moment, it is difficult to anticipate what decision the Court is likely to make and whether there is a possibility of a tariff refund" and added, "Rather than being overly optimistic with the possibility of tariff refunds or being overly concerned with the ruling to take place, it is more important to fully understand tariff refund procedures and be fully prepared to design a best-fit strategy that is aligned with the specific situation of each company".