Jeju: South Korea has once again requested that the United States exempt the country from all U.S. tariffs, as confirmed by Seoul's Industry Minister Ahn Duk-geun. This development follows a meeting with U.S. Trade Representative Jamieson Greer during the Asia-Pacific Economic Cooperation (APEC) trade ministers' meeting.
According to Yonhap News Agency, both parties have agreed to conduct a second round of technical discussions next week. These discussions will cover six key areas related to trade, including trade imbalances, non-tariff measures, economic security, and product origin. The upcoming meeting is expected to be followed by additional high-level talks scheduled for mid-June.
The latest discussions took place on South Korea's Jeju Island, about three weeks after a prior gathering in Washington. During the Washington meeting, both sides committed to pursuing a comprehensive "package" deal concerning U.S. tariffs and economic cooperation, with a target date of July 8 for reaching an agreement.
Trade Representative Greer was attending the APEC Ministers Responsible for Trade meeting in Jeju, which concluded its two-day session on Friday. Last month, it was decided that the trade talks would focus on tariff and non-tariff measures, economic security, investment cooperation, and currency policies.
South Korea is actively seeking a reduction or exemption from U.S. tariffs, which currently include 25 percent reciprocal duties that have been temporarily suspended for 90 days. Minister Ahn emphasized the importance of the bilateral free trade agreement (FTA) between South Korea and the U.S., highlighting the expanded trade and investment under the FTA.
Ahn also pointed out the significant impact of U.S. tariffs on automobile and steel imports on bilateral trade relations. He noted South Korea's potential as a major industrial partner for the U.S.
Regarding the upcoming technical talks, Ahn mentioned that the U.S. has shown interest in issues related to digital trade, such as Google Maps and cloud computing. However, shipbuilding cooperation and South Korea's potential involvement in the Alaska liquefied natural gas project will be discussed separately.
In related developments, Greer met with executives of HD Hyundai Heavy Industries Co. to discuss shipbuilding cooperation, a key agenda in the Seoul-Washington trade negotiations. This comes amid the U.S. administration's efforts to revitalize its shipbuilding sector, with South Korea being a global leader in this industry.
Last month, U.S. Secretary of the Navy John Phelan visited South Korea, touring major shipyards and expressing support for increased collaboration with South Korean shipyards as part of efforts to strengthen America's maritime industrial foundation.