The U.S. Trade Representative (USTR) has initiated a trade investigation under Section 301 of the Trade Act of 1974, citing structural excess production within the global manufacturing sector as the reason. This investigation encompasses South Korea as well as other nations including China, the European Union, Japan, India, Mexico, Vietnam, and Taiwan. Notably, issues related to digital platform regulations, which were of concern to investors in Coupang, are not included in the first round of investigations.

On November 11, the USTR announced the investigation in the Federal Register, which will probe various national policies and practices that may be contributing to excess production. The U.S. government plans to examine factors such as subsidies, state enterprise activities, export promotion policies, market access limitations, financial support, and monetary policy to determine their roles in exacerbating excess production. An open window for submitting comments and applications to attend a public hearing will open around November 17, with the comment submission deadline set for December 15, and the public hearing scheduled for May 5. Following the final hearing, there will be a seven-day window for submitting rebuttal comments.

Jamie Grier, the USTR representative, stated during a media briefing that the objective is to conclude the investigation before the expiration of a 150-day deadline concerning existing tariffs of 12.2 billion USD. This follow-up comes after the Federal Supreme Court recently invalidated tariffs based on the International Economic Emergency Powers Act (IEEPA), prompting the Trump administration to utilize Section 301 as an alternative means for addressing trade issues. Currently, a 10% global tariff is in place under Section 122, which will automatically expire in 150 days unless Congress intervenes.