Seoul, July 24 (IANS) The South Korean government said on Friday that the United States has reaffirmed its commitment to honouring the existing Seoul-Washington tariff agreement regarding newly announced Section 301 tariffs on trading partners. "The U.S. side also reaffirmed its position that the existing trade agreement must be upheld," it added, reports Yonhap news agency. The trade ministry expects the U.S. announcement to ease the uncertainty surrounding U.S. tariff measures, following the Supreme Court's ruling. The ministry said during bilateral talks ahead of the announcement, Korean officials, including Industry Minister Kim Jung-kwan, emphasised that Section 301 tariffs must not exceed 15 percent in compliance with the Seoul-Washington tariff agreement. “We will also continue close consultations with the U.S. side to ensure the balance of interests secured through the existing Korea-U.S. tariff agreement.”