South Korea's Trade Chief Seeks Tariff Relief in First US Talks
(Bloomberg) -- South Korea reiterated its call to be exempted from US tariffs including duties affecting key industries such as cars and steel, Trade Minister Yeo Han-koo said after his first meeting with US counterparts since taking up his position.
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Yeo held talks on Monday with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer in Washington, according to a government statement. Both sides reaffirmed their shared commitment to swiftly reaching a mutually beneficial agreement, without giving a specific timeline.
Yeo said South Korea's new administration, backed by a strong democratic mandate, is now in a position to advance negotiations that had previously stalled due to political gridlock. He added that discussions should move beyond tariffs to include broader cooperation in manufacturing and advanced technologies.
South Korea, a key US ally and major manufacturing hub for cars, semiconductors, and batteries, has seen its companies caught in the crosshairs of US tariffs. The Trump administration imposed one of the highest across-the-board levies among its allies on the Asian country, though the 25% tariff is on hold until July 9, as various countries negotiate a trade deal with the US.
The meetings come at a pivotal moment as new President Lee Jae Myung seeks to revive an economy buffeted by tariff uncertainty. South Korea's export-reliant economy has been hit by US President Donald Trump's levies, with the central bank slashing 2025 GDP growth forecast to 0.8% from 1.5%.
Yeo also conveyed South Korean industry's concerns about recent developments in US export control policy.
US export controls have become a key issue in trade negotiations, as Washington tightens restrictions on technology transfers to competitors such as China. These measures often ripple across global supply chains—impacting allies like South Korea that are deeply integrated into high-tech manufacturing.
--With assistance from Shinhye Kang.
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