Top South Korean Official in US Again as Tariff Deadline Looms
Wi Sung-lac departed for the US 'to engage in various negotiations with US officials,' Woo Sang-ho, a senior presidential secretary, told reporters Sunday. 'This may not be the last time, and it could continue,' Woo said, adding that the top security official 'will visit the US whenever he deems it necessary for the overall negotiations.'
While it remains unclear who Wi is scheduled to meet in Washington, the trip is widely viewed as a bid to bridge differences and finalize a trade agreement with the US, South Korea's biggest source of trade surplus. Talks have been delayed by months of political gridlock in Seoul, leaving South Korea racing to catch up on lost negotiating time.
The US is preparing to impose 25% across-the-board tariffs on South Korean goods starting Aug. 1, up from the current 10%. In addition, sector-specific duties targeting cars, steel, and aluminum remain in place.
President Lee Jae Myung's new ministers for foreign affairs, finance and industry took office Monday after winning rare bipartisan support amid growing concerns over a lack of a deal. The main opposition People Power Party said they approved Lee's picks because the US tariff negotiations could no longer be delayed with the country's economy hinging on the talks' results.
Wi said South Korea's goal is to lower the tariffs by some percentage points, local media Hankyoreh reported citing Wi's comments before his departure. Newly appointed Foreign Minister Cho Hyun and Finance Minister Koo Yun-cheol are also arranging a US visit, Yonhap News said.
The diplomatic push comes as the Lee administration rolled out a 31.8 trillion won supplementary budget to bolster growth and mitigate trade-related risks. South Korea's economy contracted in the first quarter, and the central bank has cut interest rates to 2.5% while slashing its growth forecast to 0.8%.
This article was generated from an automated news agency feed without modifications to text.
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