Seoul: The presidential office in South Korea announced that the United States is exerting significant pressure on Seoul to further open its agricultural and livestock markets during ongoing trade negotiations. This development comes as the deadline for reciprocal tariffs approaches, with South Korea striving to minimize concessions.
According to Yonhap News Agency, Woo Sang-ho, the senior presidential secretary for political affairs, stated that the U.S. is particularly focused on the agricultural and livestock sectors in the tariff negotiations. The South Korean government is making efforts to protect domestic industries by minimizing concessions. Woo also acknowledged that discussions about South Korea's defense spending and the acquisition of U.S.-made weapons are part of the negotiations, although he did not provide further details.
Initially, South Korea was reluctant to use the opening of its beef and rice markets as leverage in the tariff negotiations due to strong opposition from farmers' groups. However, the government seems to be reconsidering its stance amid pressure to finalize a trade deal, especially as other major trading partners like Japan and the European Union have already reached agreements with the U.S.
Japan, a key competitor for South Korean exports, recently secured a trade agreement with the U.S., reducing reciprocal tariffs to 15 percent in exchange for greater market access for automobiles and agricultural products, along with a $550 billion investment pledge.
As the tariff deadline looms, South Korean officials are working to finalize a comprehensive deal that reportedly includes a substantial shipbuilding investment in the U.S. and expanded security cooperation. President Lee Jae Myung received a briefing from Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo, who recently held discussions with U.S. Secretary of Commerce Howard Lutnik and U.S. Trade Representative Jamieson Greer, as stated by presidential spokesperson Kang Yu-jung.
The South Korean delegation proposed industrial cooperation in the shipbuilding sector during their meetings and plans to continue discussions with U.S. counterparts. Industry Minister Kim is also traveling to Europe to further trade negotiations, while Finance Minister Koo Yun-cheol and Foreign Minister Cho Hyun are scheduled to meet with U.S. officials ahead of the tariff deadline.