Washington: South Korea's top trade official has requested the U.S. Donald Trump administration to lower tariffs on automobiles, steel, and other sectors for Korean companies during a meeting with U.S. Commerce Secretary Howard Lutnick in Washington, as reported by Seoul's trade ministry on Tuesday.
According to Yonhap News Agency, Trade Minister Yeo Han-koo met with Lutnick to address various trade issues between the two nations, focusing on tariffs and industrial cooperation. The Ministry of Trade, Industry and Energy stated that Yeo emphasized Seoul's dedication to enhancing manufacturing partnerships with the United States. He urged the Trump administration to consider "favorable treatment" for Korean companies in the context of tariffs on imported cars, steel, and other goods.
Yeo underscored the longstanding and credible alliance between South Korea and the U.S., highlighting that bilateral cooperation could effectively promote "balanced trade" between the countries. This past weekend, Yeo also engaged with U.S. Trade Representative Jamieson Greer, proposing strategies to create a "mutually beneficial" manufacturing cooperation framework.
In a press release, Yeo expressed the urgency for Seoul to identify a "landing zone" in its trade discussions with the U.S. and committed to accelerating trade negotiations to reach a mutually advantageous outcome. The Ministry revealed that Yeo plans to reconvene with Lutnick for another meeting on Wednesday.
South Korea faces a three-week deadline to finalize trade negotiations with the U.S., following Trump's decision to extend the pause on reciprocal tariffs for major trading partners until August 1. This extension provides additional time for ongoing trade discussions. Seoul aims to secure a full exemption or reduction in U.S. reciprocal tariffs and sectoral duties on imported cars, steel, and other products by formulating a comprehensive package deal covering tariffs, non-tariff measures, industrial cooperation, and other trade matters.