Seoul, April 9 (NationPress) The recent revision of metal tariffs by the United States is anticipated to ease the overall administrative load on South Korean businesses, although the effects may vary by product category, stated Seoul's Trade Minister on Thursday, promising efforts to assist companies in reducing their burdens.

Trade Minister Yeo Han-koo shared this evaluation during a session with industry officials impacted by U.S. tariffs on imports of steel, aluminum, and copper, along with their derivatives, as reported by the Ministry of Trade, Industry and Resources, according to Yonhap news agency.

The U.S. administration under President Trump has streamlined its tariffs on these products earlier this week, making them applicable based on the "full customs value." Previously, the duties were calculated based on the metal content value in each product, which was a more intricate process.

Following this tariff simplification, Minister Yeo noted that the overall administrative responsibilities for domestic firms and the uncertainties associated with customs clearance are likely to diminish.

According to ministry reports, the new U.S. tariff system has led to a 17 percent reduction in the number of products facing these metal tariffs, with cosmetics, chemicals, furniture, and other items being excluded from the tariff list.

However, Minister Yeo cautioned that the government will remain alert as the U.S. could potentially add more items to the tariff list following a planned review of the system, while continuously working on necessary support measures for the affected companies.

In a related development, South Korea and the U.S. conducted their initial follow-up discussions on Thursday to elaborate on the details of a technology cooperation agreement signed last year, as announced by the science ministry.

This virtual meeting marked the commencement of a working group under the Technology Prosperity Deal, which was signed during a South Korea-U.S. summit in October in Gyeongju, located approximately 275 kilometers southeast of Seoul, coinciding with the Asia-Pacific Economic Cooperation (APEC) summit.

During this inaugural meeting, both nations deliberated on the framework and functioning of the working group, as well as the ultimate objectives and collaborative areas through associated activities, as stated by the Ministry of Science and ICT in a press release.

The two nations aim to bolster their partnership across various advanced sectors, including artificial intelligence (AI), digital infrastructure, biotechnology, and space exploration.