International Business

South Korea Refuses to Lower Tariffs: Seoul will not comply with a U.S. demand for further tariff reductions on foreign cars, but it will try to stimulate sales by other means, the government said. South Korea offered last month to reduce tariffs on American cars from the current 10% to 8% next year, but the United States wants them to fall to 2.5%. Of the 2 million cars South Koreans bought last year, only 1,850 were foreign vehicles, including 1,463 from the United States. South Korea exported 639,000 vehicles in 1993, and 134,764 went to the United States. Seoul said it will eliminate car ownership in tax documents and launch a media campaign and joint activities with U.S. auto makers, such as car shows and seminars.