Seoul: The presidential office announced on Saturday its commitment to intensifying trade negotiations with Washington, with a series of high-level meetings planned for the following week to prevent impending tariffs.
According to Yonhap News Agency, the announcement came after an emergency meeting earlier in the day, co-chaired by Kim Yong-beom, presidential chief of staff for policy, and National Security Adviser Wi Sung-lac. The meeting was convened to assess the progress of ongoing talks and coordinate Seoul's strategy as the August 1 deadline for new U.S. tariffs approaches.
Key Cabinet members attending the meeting included Finance Minister Koo Yun-cheol, Foreign Minister Cho Hyun, Yoon Chang-ryeol, chief of the Office for Government Policy Coordination, and First Vice Industry Minister Moon Shin-hak. Additionally, Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo participated via video conference from the United States, where they are currently leading negotiations.
The presidential office reported that the U.S. has shown significant interest in the shipbuilding sector, and both nations have agreed to enhance bilateral cooperation in this area. To further the discussions, Finance Minister Koo is scheduled to meet with Treasury Secretary Scott Bessent, and Foreign Minister Cho will meet with Secretary of State Marco Rubio next week.
The negotiations aim to mitigate the threatened 25 percent "reciprocal" tariffs from the U.S., as well as potential duties on steel and automobiles, which are poised to take effect on August 1.