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 contribute to rebuilding the American shipbuilding industry, as stated by the finance ministry on Friday.
According to Yonhap News Agency, the request for tariff exemptions was made during the "2+2" trade dialogue held on Thursday, which included South Korean Finance Minister Choi Sang-mok, Trade Minister Ahn Duk-geun, U.S. Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer. Ahn called for South Korea's exemption from both reciprocal and item-specific tariff measures, including existing steel and auto tariffs, as well as those yet to be announced.
The trade minister also proposed initiatives to strengthen sustainable and balanced bilateral trade, enhance South Korea's energy security, and jointly contribute to revitalizing the U.S. shipbuilding industry. These talks have garnered significant attention as South Korea, an export-oriented economy, was among the first to engage with the Trump administration following its announcement of widespread tariff measures targeting key trading partners.
The Trump administration had imposed country-specific reciprocal tariffs, including 25 percent duties on South Korea, starting on April 9, but placed a 90-day pause on them to allow for negotiations. South Korea also faces a 25-percent levy on automobile shipments, with similar duties on some auto parts set to take effect by May 3.
Choi, who also serves as deputy prime minister for economic affairs, conveyed South Korean public concerns about the recent U.S. tariff actions and emphasized Seoul's reliability as a trusted economic partner. He proposed exploring mutually beneficial cooperation measures that would benefit both countries. Choi further noted the need for calm and orderly consultations, considering the domestic situation in South Korea, including the leadership vacuum caused by former President Yoon Suk Yeol's impeachment.
The ministry highlighted that this dialogue marked the first official consultations under the new framework and took place in a friendly and constructive atmosphere. Both sides agreed to continue working-level meetings and hold additional high-level discussions moving forward.
Following the talks, Secretary Bessent described the meeting as "very successful," noting that further discussions on "technical terms" could begin as early as next week. Bessent expressed that Seoul came well-prepared for the discussions.
After the "2+2" dialogue, Ahn held a separate meeting with Greer and agreed to initiate working-level consultations soon. The industry ministry announced that both sides reached a "principled agreement on the framework for bilateral consultations" and would hold discussions next week to determine the scope and modalities of future consultations.
Officials from South Korea's science, environment, agriculture, health, and other ministries also attended the meeting to address a broad range of trade issues with the U.S.