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US tariffs to cost 0.6% GDP for South Korea in 2026

The bank places South Korea to the 18th position in the list of countries challenged by the highest growth of US trade tariffs

SEOUL, August 28. /TASS/. New US tariffs will slow down economic growth of South Korea by 0.6 percentage point in 2026 to 1.6%, the Bank of Korea said in its report.

In late July, the US and South Korea reached an agreement on 15% customs tariffs to be levied on South Korean goods.

"Unless the US customs policy, our growth rates will be 0.45% higher this year and 0.6% next year," the report indicates. According to the latest forecast of the Bank of Korea, national GDP will gain 0.9% in 2025 and 1.6% in 2026.

The bank places South Korea to the 18th position in the list of countries challenged by the highest growth of US trade tariffs.