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Korea Herald
16-05-2025
- Business
- Korea Herald
Seoul, Washington to resume tariff talks ahead of July deadline
South Korea and the US held a bilateral trade meeting Friday to follow up on recent tariff talks, discussing next steps toward a joint trade package, which both sides aim to finalize by July 8. South Korean Industry Minister Ahn Duk-geun met with US Trade Representative Jamieson Greer on the sidelines of a trade ministers' meeting of the Asia-Pacific Economic Cooperation member countries. During their meeting, which began at 4:30 p.m. at the Jeju International Convention Center, the two sides agreed to hold the second round of technical consultations next week, ahead of the mutual tariff suspension period expiring on July 8. In a press conference following the meeting with Greer, Ahn said he again asked the US to exempt South Korea from all additional tariffs. In the meeting, the two sides agreed to hold the second round of technical discussions in Washington next week on six areas related to trade — trade imbalances, non-tariff measures, economic security, country of origin of products and commercial considerations — the trade minister added. 'We tried to raise awareness that South Korea has a bilateral free trade agreement with the US, unlike some other countries, and has expanded trade and investment with the US under the FTA," Ahn told reporters in a press briefing. "We also explained that US tariffs on automobile and steel imports have a huge impact on trade relations between the two countries," he added. Next week's meeting is expected to be followed by additional high-level talks in mid-June, Ahn said. Greer was participating in the APEC Ministers Responsible for Trade meeting on Jeju, which wrapped up its two-day run Friday. In April, the two officials met in Washington to agree to pursue a 'July Package' deal on US tariffs and economic cooperation, as the US tariffs have been suspended until July 8. South Korea has been seeking a reduction or exemption from U.S. tariffs, including 25 percent reciprocal duties, which have been suspended for 90 days. Ahn said he emphasized Korea's strengths as a strategic partner for the US in key industrial sectors, such as semiconductors, energy, and advanced technologies, positioning the country ahead of others in terms of cooperation potential. "Rather than approaching negotiations with a narrow focus on reducing South Korea's trade surplus with the US in exchange for tariff cuts, we are striving to establish a more constructive, future-oriented relationship with Washington — one that fosters a stable trade environment and strengthens industrial collaboration,' Ahn said. Looking ahead to next week's technical consultations, Ahn noted that the US has expressed strong interest in digital trade, with particular attention to issues such as Google Maps and cloud computing. Shipbuilding cooperation and Seoul's potential participation in the Alaska liquefied natural gas project will not be part of the upcoming talks, and are expected to be addressed separately, the minister said.
Korea Herald
16-05-2025
- Business
- Korea Herald
S. Korean, US trade chiefs to hold talks over tariff-related package deal
South Korea's trade chief Ahn Duk-geun was set to hold talks with US Trade Representative Jamieson Greer on Friday on the sidelines of a trade ministers' meeting of the Asia-Pacific Economic Cooperation member economies, officials said. The meeting to be held on South Korea's southern island of Jeju comes about three weeks after their last gathering in Washington for high-level trade consultations, where the two sides agreed to pursue a "package" deal on US tariffs and economic cooperation issues by July 8. Greer is participating in the APEC Ministers Responsible for Trade meeting on Jeju, slated to wrap up its two-day run later in the day. In the upcoming meeting, Ahn is expected to discuss follow-up measures to the Washington agreement, hoping to develop a more detailed framework for further trade negotiations with US President Donald Trump's administration. Last month, Seoul and Washington agreed to focus their talks on four categories -- tariff and non-tariff measures, economic security, investment cooperation and currency policies. South Korea has been seeking to get a reduction or exemption from US tariffs, including 25 percent reciprocal duties, which have been suspended for 90 days. On Thursday, Greer also sat down with South Korean Trade Minister Cheong In-kyo to discuss pending trade issues between the two sides and the progress of Washington's trade negotiations with other countries, according to Cheong's office. Earlier in the day, Greer met with executives of HD Hyundai Heavy Industries Co. in Jeju to discuss bilateral cooperation in shipbuilding. Shipbuilding cooperation is one of the key agenda items of the Seoul-Washington trade negotiations amid the Trump administration's push to rebuild America's shipbuilding sector. South Korea is a global leader in the shipbuilding industry. Last month, US Secretary of the Navy John Phelan visited South Korea to tour HD Hyundai Heavy Industries' Ulsan headquarters and Hanwha Ocean's Geoje shipyard. In an exclusive written interview with Yonhap News Agency following his trip, Phelan said the US Navy welcomes further collaboration with South Korean shipyards as part of a broader effort to revitalize America's maritime industrial base. (Yonhap)
