SEOUL ANNOUNCES MORE TARIFF CUTS FOR U.S.
South Korea will cut import taxes on 50
items, including construction equipment, photographic film,
cigarettes and pipe tobacco, to help reduce its trade surplus
with the United States, the finance ministry said.
    The tariff cuts, of between five and 30 percentage points,
take effect on July 1.
    This brings to 157 the number of goods on which import
taxes have been cut this year, a ministry official said.
    The 157 are among about 290 items on which Washington has
asked Seoul to lower tariffs, he added.
    Today's announcement follows Saturday's removal of import
curbs on 170 products. For 46 of those products, the U.S. Had
had sought free access to the South Korean market.
    "This is in line with the government's policy to limit our
trade surplus with the United States to help reduce trade
friction between the two countries," the official said.
    South Korea's trade surplus with the U.S. Rose to 7.3
billion dlrs in 1986 from 4.3 billion in 1985. Officials said
the surplus was expected to widen further in 1987 but Seoul
would try to hold it below eight billion dlrs.
    The finance ministry said tariffs would be cut later this
month on a further 53 items, including acrylic yarn and
ethylene, by an average 7.7 percentage points in order to check
inflation.
    The officials said the tariff cuts would contribute to
holding wholesale and consumer price rises at less than three
pct this year.
 REUTER
