Seoul: The presidential office announced that the United States is urging South Korea to further open its agricultural and livestock markets during ongoing trade negotiations. Seoul is striving to minimize concessions as a tariff deadline approaches.
According to Yonhap News Agency, Woo Sang-ho, senior presidential secretary for political affairs, indicated that South Korea is engaged in discussions with Washington to avoid the imposition of a 25 percent reciprocal tariff set by the Trump administration, with a deadline looming on August 1. Woo stated in a briefing that the U.S. is applying significant pressure, particularly in the agricultural and livestock sectors, and emphasized the government's efforts to protect domestic industries.
Inquiries about potential increases in South Korea's defense spending and the purchase of U.S.-made weapons were acknowledged by Woo as part of the negotiations, although he refrained from providing detailed information about the progress.
Initially, South Korea was reluctant to use further market openings for beef and rice as leverage in tariff negotiations due to strong opposition from farmers' groups. However, the government seems to have altered its stance in response to increasing pressure to secure a deal as other major trading partners, such as Japan and the European Union, finalize trade agreements with the U.S.
Japan, a key export competitor to South Korea, recently signed a trade agreement with the U.S. that lowered reciprocal tariffs to 15 percent, offering greater market access for automobiles and agricultural products, coupled with a US$550 billion investment commitment.
In reaction, South Korea has proposed a comprehensive package that includes a multibillion-dollar investment in the U.S. shipbuilding sector and expanded security cooperation, as reported by sources.