Washington: South Korea's new chief trade negotiator held tariff talks with his U.S. counterparts in Washington earlier this week to convey Seoul's position on U.S. tariff measures and discussed mutually beneficial avenues for trade cooperation, the trade ministry said Tuesday.
According to Yonhap News Agency, Yeo Han-koo, appointed as trade minister on June 10 under the new Lee Jae Myung administration, met with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick on Monday. This meeting marked Yeo's first official visit to the United States since taking office and was crucial ahead of the looming July 8 deadline for an envisioned "package" deal.
In May, it was agreed between Seoul and Washington to concentrate their discussions on four primary categories: tariff and non-tariff measures, economic security, investment cooperation, and currency policies. The goal is to reach an agreement by the deadline, coinciding with the expiration of the 90-day suspension of the reciprocal tariffs introduced during the Donald Trump administration. Under the U.S. tariff scheme, South Korea currently faces a 25 percent levy on its shipments to the U.S.
Earlier, Yeo Han-koo expressed his intention to develop measures that could ensure a mutually beneficial agreement for both countries. He noted that the allies are anticipated to engage in "intense" negotiations in the upcoming weeks as they work towards this goal.