Washington: South Korea's top economic officials have held high-level trade talks with U.S. Commerce Secretary Howard Lutnick, Seoul's finance ministry said Wednesday, just days ahead of a looming deadline for new U.S. tariff measures.
According to Yonhap News Agency, Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan, and Trade Minister Yeo Han-koo met with Lutnick in Washington on Tuesday for two hours to discuss bilateral trade issues. The discussions come as the United States prepares to impose "reciprocal" tariffs, potentially including a 25 percent duty on South Korean goods, starting Friday, unless a last-minute agreement is reached.
In a positive sign, U.S. President Donald Trump said Monday that Washington is considering setting tariff rates between 15 percent and 20 percent for countries that have not yet finalized trade deals with the U.S. Lutnick earlier urged South Korean officials to bring their "best and final" offer to the table during a separate meeting in Scotland, the Wall Street Journal reported, citing a source familiar with the discussions. Kim and Yeo had flown to Scotland to continue negotiations with Lutnick following their talks in Washington last week.
As other major economies have reached trade deals with Washington, South Korea, whose economy relies heavily on exports, has ramped up its diplomatic outreach to seek an exemption or reduce the scope of the planned duties. Koo is also scheduled to hold talks with U.S. Treasury Secretary Scott Bessent in Washington on Thursday, the ministry added.
Upon arriving in Washington on Tuesday, Koo reiterated the government's commitment to resolving the issue through diplomacy, highlighting a new investment initiative aimed at strengthening bilateral cooperation. The plan, tentatively titled "Make American Shipbuilding Great Again" (MASGA), envisions major South Korean investments in the U.S. shipbuilding sector, part of broader efforts to help revitalize the American industry amid rising competition from China.
"We will thoroughly explain key areas of Korea-U.S. economic cooperation, including shipbuilding, and conduct negotiations centered on the national interest," Koo told reporters.