Washington: South Korea has requested exemptions from country-specific "reciprocal" and sectoral tariffs imposed by the United States during high-level trade talks held in Washington. In return, South Korea has offered to increase its energy imports from the U.S. and assist in revitalizing the American shipbuilding industry, as reported by the finance ministry on Friday.
According to Yonhap News Agency, the request for tariff exemptions was made during the "2+2" trade dialogue on Thursday, attended by South Korean Finance Minister Choi Sang-mok and Trade Minister Ahn Duk-geun, alongside U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. During the discussions, Ahn urged for South Korea's exemption from reciprocal and item-specific tariff measures, highlighting the need to strengthen sustainable and balanced bilateral trade, improve South Korea's energy security, and contribute to revitalizing the U.S. shipbuilding industry.
The talks have garnered significant attention as South Korea, an export-oriented economy, was among the first to engage in discussions with the Trump administration after the announcement of sweeping tariff measures targeting key trading partners. The Trump administration imposed country-specific reciprocal tariffs, including 25 percent duties on South Korea starting April 9, followed by a 90-day pause to allow for negotiations. South Korea also faces a 25-percent levy on automobile shipments, with similar duties on some auto parts set to begin by May 3.
The finance ministry stated that Choi, who also serves as deputy prime minister for economic affairs, conveyed the South Korean public's concerns over the latest U.S. tariff actions, emphasizing Seoul's role as a reliable economic partner. Choi proposed exploring mutually beneficial cooperation measures that would serve both countries' interests. He further stressed the need for calm and orderly consultations, likely in light of South Korea's domestic situation following the impeachment of former President Yoon Suk Yeol over martial law imposition in December.
The ministry noted that the dialogue marked the first official consultations under the new framework and was held in a constructive atmosphere. Both parties agreed to continue working-level meetings and hold additional high-level discussions. Secretary Bessent described the meeting as "very successful," noting Seoul's preparedness and the possibility of further discussions on "technical terms" starting as early as next week.