Seoul: South Korea and the United States are engaged in last-minute trade talks focusing on semiconductors, batteries, and biotechnology, alongside detailed discussions on shipbuilding cooperation, as confirmed by the presidential office. Kim Yong-bum, the presidential chief of staff for policy, noted the ongoing negotiations as top Seoul officials aim to finalize a trade agreement before the Friday deadline, when reciprocal tariffs and sector-specific duties are set to take effect.
According to Yonhap News Agency, President Lee Jae Myung convened a video conference with key ministers in Washington to discuss the developments in the trade talks. The president emphasized the need for Korean officials to actively engage in negotiations representing Korean interests, despite challenging circumstances. The Seoul government is closely monitoring Japan's recent trade agreement with the U.S., which reduced tariffs in exchange for market access and significant investment commitments.
Kim highlighted an initiative proposed by Seoul, Make American Shipbuilding Great Again (MASGA), aimed at bolstering U.S. shipbuilding with South Korean investments. The proposal is part of a broader package addressing areas critical to South Korea's export-driven economy that could be affected by the tariffs. Market access for U.S. agricultural and livestock products is also on the negotiation table, reflecting the sensitive nature of these sectors.
The urgency of the talks is underscored by the presence of major South Korean business leaders in Washington, including Hyundai Motor Group Executive Chair Euisun Chung and Samsung Electronics Chairman Lee Jae-yong. These leaders are leveraging their networks to support the negotiations, aligning with the government's strategic framework to safeguard economic interests.