Latest news with #industrial cooperation
CNA
14 hours ago
- Business
- CNA
South Korea officials, business leaders join last-ditch push for US trade deal
SEOUL: Three South Korean cabinet-level officials met US Commerce Secretary Howard Lutnick in Washington in a push to close a trade deal, Seoul said on Wednesday (Jul 30), squaring off with a key US official driving a hard bargain just ahead of a deadline. 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, autos and steel. The latest meeting came amid a Wall Street Journal report 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. Koo, who arrived in Washington on Tuesday, has said he hopes to convince the United States the package of trade and related offers of industrial cooperation, including in shipbuilding, was to the allies' mutual benefit. Koo also plans to meet US Treasury Secretary Scott Bessent during the visit. 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 w orking to close a deal with China.
Yahoo
15-07-2025
- Business
- Yahoo
South Korea says framework US trade deal possible by August, farm market access on table
By Hyunjoo Jin SEOUL (Reuters) -South Korea's top trade envoy said on Monday it may be possible to strike an "in-principle" trade deal with the United States by an August 1 deadline and signalled Seoul may be open to allow greater access to its agriculture markets, local media reported. Minister for Trade Yeo Han-koo, who held high-level talks with U.S. officials last week, said South Korea was seeking to avoid "unfair" U.S. tariffs on sectors key to its industrial prowess that would undermine industrial cooperation with its main security ally and trading partner, media reports said. "I believe it's possible to reach an agreement in principle in the U.S. tariff negotiations, and then take some time to negotiate further," the Newsis news agency quoted Yeo as telling local media reporters. "Twenty days are not enough to come up with a perfect treaty that contains every detail." "We need to make a strategic judgment in the case of the agriculture and livestock sectors," Yeo was quoted as saying, adding "sensitive" areas may need continued protection but some aspects may be considered as part of the overall framework. There was "considerable progress" in the discussion with U.S. officials over cooperation in key industrial sectors as part of the trade talks, Yeo was cited as saying, but Washington needed to cut industry-specific tariffs on autos and steel. On Sunday in Maryland, U.S. President Donald Trump told reporters "South Korea wants to make a deal right now," without elaborating what would cement a deal or speculate on a time frame for getting negotiations done. South Korea is in a race to reach a compromise trade pact in the hope of avoiding a 25% tariff slapped on its exports by Trump that is set to kick in on August 1, after a late start to negotiations with a new president voted in last month. President Lee Jae-myung took office on June 4 following the ouster of his predecessor Yoon Suk Yeol over a failed martial law attempt. The six months of political turmoil forced Seoul to initially focus on technical discussions over Trump's demands. Top South Korean officials held meetings in Washington after Trump's announcement, including to negotiate cuts or exemptions from import duties on steel and autos. A senior South Korean trade official said earlier this month Washington had shown a willingness to consider exemptions on sectoral tariffs, as it had when agreeing a deal with Britain, if South Korea proposed a clear offer to reduce trade deficits. South Korea earned a record $55.6 billion trade surplus with the U.S. in 2024, up 25% from 2023, led by rising car exports, according to Korea Customs Service data. South Korea's effective tariff rates stand at near-zero under a free trade agreement first signed in 2007 then revised in 2018 under Trump's first term, according to economists.
