Seoul: A senior Seoul official announced Friday that uncertainty remains over whether U.S. President Donald Trump's pause on "reciprocal" tariffs on South Korea will be extended next month, despite the Asian country's commitment to "good-faith" trade discussions with the United States. The tariffs, including 25 percent duties on South Korea, were initially implemented on April 9 but were suspended until July 8 to allow for ongoing negotiations.
According to Yonhap News Agency, the Trump administration has shown openness to extending the pause, but the official highlighted that assurance is not guaranteed. The potential for extending the pause varies, and some countries might reach a deal with the United States, while others could face higher tariffs if the pause is not prolonged for them.
Earlier, President Trump expressed a desire to make the pause "shorter," while still acknowledging the possibility of its extension. The Seoul official noted that countries perceived by Washington to have demonstrated "good faith" in trade talks might see the pause extended, whereas those lacking in this regard could face penalties.
The official pointed out that progress in trade talks between South Korea and the U.S. has been limited due to the domestic political climate in Seoul. This situation arose after political upheaval following ousted former President Yoon Suk Yeol's brief martial law declaration in December.
Seoul's Trade Minister Yeo Han-koo visited Washington to discuss tariffs and related issues with U.S. officials, including Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer. Additionally, a South Korean delegation led by Deputy Minister for International Trade and Investment Park Jung-sung engaged in technical discussions with the U.S. on the subject.
During a press briefing in Washington, Yeo emphasized South Korea's commitment to achieving a "mutually beneficial" trade agreement and highlighted his extensive meetings with U.S. officials. He underscored the importance of addressing all reciprocal and sectoral tariffs, including those potentially introduced by the Trump administration in the future.
Seoul is seeking exemptions from reciprocal tariffs and new duties on products like steel, aluminum, and automobiles. The ongoing trade discussions are viewed as an opportunity for both countries to establish a new framework for strategic cooperation in areas such as artificial intelligence, semiconductors, shipbuilding, electric vehicles, and nuclear energy.