Seoul – Saba:
South Korea is working to reach an agreement with the United States on tariffs before Washington’s August 1st deadline for their implementation.
On Friday, Seoul and Washington reaffirmed their commitment to finalizing a tariff agreement before the deadline.
According to South Korea’s Yonhap News Agency, senior trade negotiators from Korea—Minister of Industry Kim Jung-kwan and Trade Minister Yoo Han-koo—held a joint meeting with U.S. Trade Representative Howard Lutnick in Washington. They discussed ways to enhance trade relations between the two countries, including establishing a bilateral industrial partnership, as reported by the Ministry of Trade, Industry, and Energy.
Both sides agreed to work toward a "mutually beneficial" trade deal before the August 1st deadline, when the reciprocal tariffs imposed by the U.S. administration are set to take effect. They also agreed to hold an additional round of negotiations as soon as possible.
U.S. President Donald Trump had previously announced that South Korea would face a 25% tariff on its imports unless an agreement is reached before the deadline.
South Korean Industry Minister Kim Jung-kwan called for a reduction in mutual tariff rates for South Korea, as well as sector-specific tariffs on all imported vehicles and steel products.
He proposed cooperation in strategic manufacturing industries, such as shipbuilding, semiconductors, and batteries, stating, "We will do our utmost to ensure our companies are not placed at a disadvantage compared to competitors from other countries."
He added, "The trade delegation will mobilize all its capabilities to achieve the best possible outcome in the national interest by August 1st."
South Korea is working to reach an agreement with the United States on tariffs before Washington’s August 1st deadline for their implementation.
On Friday, Seoul and Washington reaffirmed their commitment to finalizing a tariff agreement before the deadline.
According to South Korea’s Yonhap News Agency, senior trade negotiators from Korea—Minister of Industry Kim Jung-kwan and Trade Minister Yoo Han-koo—held a joint meeting with U.S. Trade Representative Howard Lutnick in Washington. They discussed ways to enhance trade relations between the two countries, including establishing a bilateral industrial partnership, as reported by the Ministry of Trade, Industry, and Energy.
Both sides agreed to work toward a "mutually beneficial" trade deal before the August 1st deadline, when the reciprocal tariffs imposed by the U.S. administration are set to take effect. They also agreed to hold an additional round of negotiations as soon as possible.
U.S. President Donald Trump had previously announced that South Korea would face a 25% tariff on its imports unless an agreement is reached before the deadline.
South Korean Industry Minister Kim Jung-kwan called for a reduction in mutual tariff rates for South Korea, as well as sector-specific tariffs on all imported vehicles and steel products.
He proposed cooperation in strategic manufacturing industries, such as shipbuilding, semiconductors, and batteries, stating, "We will do our utmost to ensure our companies are not placed at a disadvantage compared to competitors from other countries."
He added, "The trade delegation will mobilize all its capabilities to achieve the best possible outcome in the national interest by August 1st."