South Korea officials, business leaders join last-ditch push for US trade deal
South Korean Finance Minister Koo Yun-cheol joined Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo, who have been in Washington since last week, for two hours of talks with Lutnick, a ministry spokesperson said in Seoul. The finance ministry spokesperson did not offer details of the discussions. US President Donald Trump has set an Aug 1 deadline for 25 per cent tariffs to kick in against South Korea, a major US ally and powerhouse exporter of chips, cars and steel.
The South Korean government is negotiating with the US by 'setting up a package that focuses on areas where South Korea and the US can achieve mutually beneficial results to the extent that we can bear them,' the presidential office said in a statement.
South Korean President Lee Jae-myung told his ministers to 'engage in the difficult consultation with confidence' as he was briefed on the status of the talks on Wednesday, his office said.
The latest meeting came as the Wall Street Journal reported that Lutnick had urged the South Korean team to bring their best and final offer to the table during a meeting he had with Kim and Yeo in Scotland.
Lutnick told the South Korean officials they need to 'bring it all' when they make their final offer to Trump, the report said.
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South Korea's benchmark KOSPI stock index rose 0.7 per cent on Wednesday to hit a near four-year high, as the flurry of US visits by government and company officials raised optimism around the country's trade negotiations. Koo, who arrived in Washington on Tuesday, has said he hopes to convince the US the package of trade and related offers of industrial cooperation, including in shipbuilding, is to the allies' mutual benefit.
Koo also plans to meet US Treasury Secretary Scott Bessent during the visit.
The heads of some of South Korea's largest global companies were converging on Washington to lend support to government negotiators, media reports said.
Hyundai Motor Group chairman Euisun Chung was reported to be departing for Washington on Wednesday. Samsung Electronics chairman Lee Jae-yong and the vice-chairman of the Hanwha Group, Kim Dong-kwan, whose affiliate Hanwha Ocean has unveiled a major investment plan in the US, were also in Washington, DC.
Hyundai Motor, which along with its affiliate Kia Corp is the world's third-largest automaker, will face a significant impact in the absence of a waiver or reduction in a 25 per cent import duty on cars given that the US is a major export destination.
South Korean officials were also discussing potential cooperation in chips, batteries and biotechnology under a package proposal, South Korea's chief presidential policy secretary Kim Yong-beom said.
Kim Yong-beom said last week currency policy had not been part of trade negotiations with the US beyond regular consultations, but a foreign exchange official travelled to Washington to be prepared if the US raises the issue, according to the finance ministry.
In late April, South Korea agreed to consult on foreign exchange via a separate channel at the opening round of trade talks. Pressure has been mounting on South Korea since Japan clinched a deal to cut Trump's threatened tariffs to 15 per cent last week. This was followed by a US-EU trade deal over the weekend, and Trump's top aides, including Bessent, are now working to close a deal with China.
South Korean Foreign Minister Cho Hyun is also travelling to Washington this week to assist with the tariff negotiations. REUTERS
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Business Times
8 hours ago
- Business Times
As Trump's tariffs bite, investors should ensure the companies they own have strong fundamentals
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Business Times
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Straits Times
15 hours ago
- Straits Times
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