Washington: South Korea's new trade minister has engaged in significant discussions with officials from the U.S. Congress and the White House in Washington to address trade matters and enhance bilateral cooperation, as reported by Seoul's industry ministry on Thursday.
According to Yonhap News Agency, Trade Minister Yeo Han-koo, who is on a weeklong visit to Washington, met with Rep. Jason Smith (R-MO), the chair of the U.S. House Committee on Ways and Means; Rep. Adrian Smith (R-NE), head of the trade subcommittee of the committee; and Rep. Carol Miller (R-WV) on Wednesday. These meetings were aimed at urging U.S. Congress to ensure a "stable" and "predictable" business environment for Korean companies, especially in light of the proposed tax bill by President Donald Trump's administration, which is anticipated to significantly impact markets and the economy.
The proposed bill, known as the "One Big Beautiful Bill Act," includes amendments that will reduce tax credits for electric vehicles and other areas under the Inflation Reduction Act, affecting Korean exporters. Yeo emphasized the importance of fostering a mutually beneficial relationship between South Korea and the U.S. amidst uncertainties surrounding the Trump administration's tariff and industry policies. This visit marks Yeo's first official trip to the U.S. since taking office earlier this month, where he also held discussions on tariffs and non-tariff measures.
On Monday, Yeo met with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick to articulate Seoul's stance on the Trump administration's tariff measures. Previously, in May, South Korea and the U.S. agreed to develop a comprehensive package deal on tariff and trade issues by July 8, coinciding with the end of the 90-day suspension of U.S. reciprocal tariffs, which include 25 percent duties for South Korea.
The South Korean government has been actively negotiating with the Trump administration to seek full exemptions or reductions in reciprocal tariffs, alongside sectoral duties such as 50 percent tariffs on steel imports and 25 percent tariffs on car imports. Yeo has committed to accelerating trade negotiations with Washington to secure a "pragmatic" and "mutually beneficial" agreement between the two nations.