Seoul to begin tariff talks with Washington Tuesday
South Korea's top trade negotiator is set to begin talks with the US this week, as the Trump administration's steep 25 percent tariff on imports from Korea is set to go into force on Wednesday.
Trade Minister Cheong In-kyo will visit Washington, DC on Tuesday for a two-day trip to meet with key Trump administration officials, including US Trade Representative Jamieson Greer, according to the Ministry of Industry, Trade and Energy on Monday.
Cheong's trip comes after US President Donald Trump announced sweeping 'reciprocal" tariffs against countries with which the US has higher trade deficits, including a hefty 25 percent duty on Korean goods, which is to take effect Wednesday.
Among the countries that have free trade agreements with the US, Korea was slapped with one of the highest levies, along with Canada and Mexico.
Cheong plans to get a clearer understanding of the Trump administration's stance and its plans on reciprocal tariffs and will discuss with the aims to lower the 25 percent duty on Korean goods, according to the ministry.
Cheong will relay concerns about the potential effect the tariffs will have on the global trade environment and on the trade and investment relationship between Seoul and Washington. The minister is set to discuss ways to minimize the negative impact the tariffs will have on South Korean companies.
'We are facing a grave situation as difficulties are expected for companies exporting to the US and our companies' activities in the US due to the April 2 country-specific tariffs and tariffs on individual items in steel, aluminum, automobile and auto parts,' Cheong said in a statement. 'We will continue close communication with the US, including through this visit to the US, and make utmost efforts to engage in consultations with the US to minimize the impact of the US tariff policy, including the country-specific tariffs, on our industry and businesses.'
Trump's tariff announcement has slammed global markets and raised fears of a potential recession. Countries around the world are scrambling to respond, with over 50 countries having reached out to the Trump administration to negotiate the removal of the tariffs, according to US Treasury Secretary Scott Bessent.
Cheong's upcoming US trip will be the fifth such high-level visit from the Industry Ministry since Trump took office in January. Cheong visited in March, while Industry Minister Ahn Duk-geun visited twice and Deputy Minister Park Jong-won also visited.
The officials had requested a tariff exemption in a meeting with US counterparts, but Trump moved forward with the steep duties.
On Monday, Finance Minister Choi Sang-mok held a meeting with the ministers of foreign affairs and industry to discuss the response to Trump's tariffs and review South Korea's strategy ahead of Cheong's visit to Washington.
Choi said the government will push for an extra budget to tackle trade risks and other pending economic issues.
'We need to analyze the broader macroeconomic impact (on the reciprocal tariffs) and prepare support measures for sectors that require urgent attention,' Choi said.
He stressed the importance of closely working with the National Assembly to secure a supplementary budget to respond to trade risks, strengthen the country's competitiveness in artificial intelligence and provide financial support to small businesses.
Earlier last week, Choi proposed a 10 trillion won ($6.8 billion) supplementary budget focusing on three key policy areas: wildfire recovery, strengthening Seoul's competitiveness in trade policy and AI and improving people's livelihoods and boosting domestic demand.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
an hour ago
- Korea Herald
'Le Cafe Louis Vuitton' to open in Maison Seoul
Louis Vuitton announced its newest culinary destination, "Le Cafe Louis Vuitton," will be opening Sep. 1 on the fourth floor of its flagship Maison Seoul in Cheongdam-dong, Seoul. The new cafe is part of Louis Vuitton's global push into gastronomy, following successful ventures in cities such as Paris, New York, Tokyo, Milan and Bangkok. The Maison Seoul location will fuse French fine dining with Korean flavors, expanding its 'everyday expression of fashion, culture and cuisine," according to the brand. Maison Seoul, designed by renowned architect Frank Gehry with interiors by Peter Marino, has served as a symbolic space for Louis Vuitton since its 2019 debut. The sculptural facade and blend of modern and traditional Korean aesthetics have made it a landmark in Seoul's luxury retail landscape. At the helm of Le Cafe Louis Vuitton is Chef Yoon Tae-kyun, the newest addition to the Louis Vuitton Culinary Community. Yoon will work in collaboration with Michelin three-star French chef Arnaud Donckele and renowned pastry chef Maxime Frederic. Together, they aim to craft an innovative menu that melds French techniques with locally inspired ingredients. Full menu details and reservation information are set to be released in August ahead of the cafe's official public opening. The cafe is part of Louis Vuitton's broader Culinary Community initiative, which seeks to discover and nurture culinary talent across the globe while integrating the maison's design ethos into the dining experience.
Korea Herald
3 hours ago
- Korea Herald
Senior Seoul official notes possibility of USFK role change due to 'various factors'
Senior Seoul official notes possibility of USFK role change due to 'various factors' WASHINGTON (Yonhap) -- A senior South Korean official made a rare mention Thursday of a possible change in the role of the US Forces Korea (USFK), amid speculation that US President Donald Trump's administration may seek to shift the focus of its mission to deterring China rather than countering North Korean threats. The official made the remarks in a meeting with South Korean correspondents in Washington as the Trump administration is seeking to "modernize" the South Korea-US alliance to make it "strategically sustainable" in the midst of an intensifying Sino-US rivalry. "I think there can be a change in the role and character of the USFK due to various factors," he said. The official pointed to the evolving international security environment, technological shifts and a "growing strategic role" of China, as he enumerated the factors that could drive a possible shift in the role of the 28,500-strong USFK. However, he cautioned against misconstruing his remarks, saying his talk of a possible change in the USFK role does not mean he concurs on the US view in support of the change. "Allies cannot see eye to eye perfectly with each other on everything," he said. As the Pentagon is working on crafting its National Defense Strategy to prioritize deterring China, speculation has persisted that the Trump administration might pursue greater "strategic flexibility" of the USFK to use it for a wider range of security operations beyond the Korean Peninsula. Opponents of a shift in the USFK role argue that it could lead to a weakening of efforts by Seoul and Washington to deter North Korea's advancing nuclear and missile threats, and that the potential use of the USFK for a mission against China would needlessly put Seoul in a geopolitically challenging position. US Under Secretary of Defense for Policy Elbridge Colby has advocated for a shift in the USFK mission, saying American troops in South Korea should not be "held hostage to dealing with the North Korean problem." The future direction of USFK operations is likely to be a key agenda item as South Korea and the US are expected to have earnest discussions on a shared understanding of where their longstanding alliance should be headed for. The official's remarks came after Foreign Minister Cho Hyun held his first talks with US Secretary of State Marco Rubio since the launch of President Lee Jae Myung's administration.
Korea Herald
7 hours ago
- Korea Herald
Top S. Korean, U.S. diplomats reiterate 'resolute' commitment to N.K. denuclearization
The top diplomats of South Korea and the United States reaffirmed the allies' "resolute" commitment to the "complete" denuclearization of North Korea and the "full" enforcement of sanctions against it during their talks in Washington on Thursday, a State Department spokesperson said. Foreign Minister Cho Hyun and US Secretary of State Marco Rubio held their first talks since the launch of the Lee Jae Myung administration last month, as Seoul and Washington face a series of cooperation issues, including preparations for a summit between Lee and US President Donald Trump. Their meeting came just a day after Trump announced a trade deal with Korea, saying that his summit with President Lee will take place at the White House in two weeks. "Secretary Rubio and Foreign Minister Cho also reaffirmed their resolute commitment to the complete denuclearization of the DPRK, the full implementation of international sanctions, and expressed serious concerns about North Korea's increasing military cooperation with Russia," Tammy Bruce, the spokesperson, said in a readout. DPRK is short for the North's official name, the Democratic People's Republic of Korea. The chief diplomats' show of unity against North Korean nuclear threats came days after Kim Yo-jong, the influential sister of North Korean leader Kim Jong-un ruled out the possibility of talks on the North's denuclearization, while noting the personal relationship between Trump and Kim is "not bad." (Yonhap)
