Seoul: South Korea will take into account details of a recent trade deal reached between the United States and Japan in a bid to use it as a possible reference for Seoul's trade negotiations with Washington, the presidential office said Wednesday.
According to Yonhap News Agency, U.S. President Donald Trump announced that Washington had reached an agreement with Japan to reduce proposed reciprocal tariffs on Japanese goods from 25 percent to 15 percent. The deal also includes Tokyo's $550 billion investment pledge.
South Korea is also seeking to negotiate a reduction in the 25 percent reciprocal tariffs imposed by the U.S., as well as sectoral tariffs on autos, steel, and aluminum. The country aims to finalize a comprehensive trade proposal before the Aug. 1 deadline set by the Trump administration.
Presidential spokesperson Kang Yu-jung stated that details of the U.S.-Japan trade agreement are currently under review. "If there are aspects that can serve as a reference for our government's negotiations, we plan to take them into account," Kang told reporters during a briefing.
With the deadline approaching, Trade Minister Yeo Han-koo and Finance Minister Koo Yun-choel are scheduled to attend the "2+2" trade talks with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer in Washington on Friday. Newly appointed Industry Minister Kim Jung-kwan has also departed for the U.S., while National Security Adviser Wi Sung-lac is already in Washington.
"The officials will find the most beneficial solution for our national interest in the tariff negotiations," Kang added.