(LEAD) Industry minister says U.S. likely to announce new Section 301 probe by end-Aug.

South Korea's Industry Minister Kim Jung-kwan stated on Thursday that the U.S. is likely to announce the results of its Section 301 investigation by the end of August. According to the industry minister, any tariffs resulting from the investigation would not exceed 15%, aligning with the Korea-U.S. trade agreement. The investigation focuses on alleged overproduction in South Korea's industry.

The announcement follows a recent U.S. decision to impose new tariffs on imports from 60 countries, affecting South Korea along with Japan and Switzerland. South Korea and the U.S. have agreed that any tariffs imposed under the Section 301 investigation would not exceed 15%. In June, South Korea launched its mega-special economic zones initiative, with an investment target of $3.16 trillion, including the construction of two memory chip fabrication plants by Samsung Electronics and two semiconductor fabrication plants by SK hynix in Gwangju and Jeolla provinces.