South Korea's finance minister, trade envoy to hold tariff talks with US counterparts

Free Malaysia Today

3 days ago

South Korea's trade minister Yeo Han-koo said he would seek to base the talks around forming a manufacturing partnership with the US. (EPA Images pic)
SEOUL : South Korea's new finance minister and the country's top trade envoy will meet their US counterparts in Washington on Friday for talks on US tariffs, finance minister Koo Yun-cheol said today.
The country's foreign and industry ministers will also visit the US for trade discussions as early as this week, Koo told reporters after a meeting of economic ministers.
Koo took office yesterday.
The four officials complete a new cabinet team under President Lee Jae Myung, who was sworn in on June 4 after winning a snap election called after his predecessor's ouster for trying to declare martial law.
The political turmoil that ensued delayed South Korea's response to US President Donald Trump's punishing tariff regime imposed on dozens of trade partners, including key industrial powerhouses that are also security allies.
'Koo and trade minister Yeo Han-koo will hold talks with US treasury secretary Scott Bessent and US trade representative Jamieson Greer on Friday at the request of the US officials,' the finance minister said.
'We've had discussions from the perspective of national interest and pragmatism and we'll do our best to prepare a meticulous strategy until we're leaving,' Koo said, declining to say whether Seoul was hoping to push back the Aug 1 deadline before reciprocal tariffs set by Trump are due to come in.
Yeo said today that he would seek to base the talks around forming a manufacturing partnership with the US.
Yesterday, South Korea's new industry minister Kim Jung-kwan said tariff talks were in a critical phase that could result in a range of possible outcomes and pledged an all-out effort to wrap up negotiations by Aug 1.
Trump has vowed to slap tariffs on a range of countries including South Korea to reduce what he called unfair trade imbalances.
On Saturday, Japan's top tariff negotiator, Ryosei Akazawa, said he planned to visit Washington this week to hold further ministerial-level talks, as Tokyo hopes to clinch a deal by its Aug 1 deadline.