Seoul: South Korea will work to bolster its cooperation with the United States in the shipbuilding and energy sectors, Seoul's trade minister said Wednesday, ahead of upcoming negotiations over U.S. import tariffs. The government earlier said such cooperation may serve as a bargaining chip in the tariff negotiations after U.S. President Donald Trump highlighted Seoul's interest in a multi-billion dollar liquefied natural gas (LNG) project in Alaska.
According to Yonhap News Agency, the government plans to utilize the 90-day grace period to refine its response strategy for the tariff negotiations. Trade Minister Cheong In-kyo emphasized the importance of securing national interests during a meeting with the trade policy advisory committee. He noted the critical role of consolidating economic cooperation between the two countries in the areas of shipbuilding, energy, and other sectors of mutual interest, reaffirming that the U.S. is South Korea's "most important" ally.
The Trump administration's country-specific reciprocal tariff scheme, which includes a 25 percent duty for South Korea, was implemented earlier in the month but was suspended for 90 days shortly thereafter. Washington has indicated plans to hold trade negotiations with major trading partners, with talks between South Korea and the U.S. expected to commence next week.