By Jack Kim
SEOUL (Reuters) -South Korean Industry Ministry officials will travel to Washington on Wednesday for “technical discussions” with U.S. Trade Representative counterparts hoping to make progress on a potential deal over U.S. tariffs, Seoul’s ministry said.
The team will seek to minimise the impact of the tariffs announced by the administration of U.S. President Donald Trump on South Korean companies by seeking exemption from reciprocal tariffs and import duties on automobiles and steel products, the ministry said in a statement.
The visit by the industry ministry officials follows a trip to Washington by Minister Ahn Duk-geun last week and Finance Minister Choi Sang-mok, where the countries agreed to craft a trade package aimed at removing new U.S. tariffs that are set to take effect on July 8 after a pause.
South Korean officials have said the two sides are not yet in formal negotiations but are laying the groundwork for talks that will likely continue after the country holds a presidential election on June 3 and a new government takes office.
U.S. Treasury Secretary Scott Bessent said on Tuesday some trade partners are “much more keen to come to the table, get this done, and then go home and campaign on it,” when asked about how domestic factors could influence the talks.
Faced with questions about Bessent’s comments, Choi said South Korea was not rushing to strike a deal and discussions at a working level “are moving very slowly,” adding Bessent’s comments were likely not specifically about South Korea.
South Korea said it has requested exemptions from reciprocal tariffs and import duties on autos and steel and other items, and offered cooperation on shipbuilding and energy and in addressing trade imbalances.
Vice Industry Minister Park Sung-taek said this week that there was work to be done on the American side to remove red tape to allow discussions on shipbuilding to move forward, such as resolving the restrictions under the U.S. Jones Act that require goods moved between U.S. ports to be carried by ships built domestically.
“So we are conveying this to the U.S. and expect to discuss them intensively going forward,” Park told parliament.
South Korea was in consultations with Alaska on the feasibility of a $44 billion liquefied natural gas project that Washington wants to fund with investments from countries like South Korea and Japan.
The countries also plan to hold talks over what Washington considers are non-tariff barriers including currency policy and regulations on autos, rice and beef imports.
(Reporting by Jack Kim, Ju-min Park, Hyunsu YimEditing by Ed Davies)
Comments