Seoul: South Korea has renewed its request for an exemption from all U.S. tariffs, as announced by Seoul's Industry Minister, Ahn Duk-geun. This request follows a meeting with U.S. Trade Representative Jamieson Greer at the Asia-Pacific Economic Cooperation (APEC) trade ministers' meeting.
According to Yonhap News Agency, the two nations have agreed to conduct a second round of technical discussions next week, focusing on six key trade areas including trade imbalances, non-tariff measures, and economic security. These discussions are expected to be succeeded by high-level talks in mid-June.
The meeting on South Korea's Jeju Island follows a previous high-level consultation in Washington, where both parties aimed for a comprehensive agreement on U.S. tariffs and economic cooperation by July 8. Greer was present at the APEC Ministers Responsible for Trade meeting, which concluded its session on Friday.
In previous talks, South Korea and the U.S. concentrated on tariff and non-tariff measures, economic security, investment cooperation, and currency policies. Seoul is seeking a reduction or exemption from U.S. tariffs, including a 25 percent reciprocal duty that is currently suspended for 90 days.
Minister Ahn emphasized South Korea's bilateral free trade agreement with the U.S. and its expanded trade and investment under this agreement. He highlighted the significant impact of U.S. tariffs on South Korean automobile and steel imports, stressing South Korea's potential as a cooperation partner in industrial sectors like semiconductors and energy.
Ahn stated that South Korea aims to build a constructive and future-oriented relationship with the U.S. to create a stable trade environment. He acknowledged the possibility of negotiation delays due to the upcoming South Korean presidential election on June 3, but assured that efforts to meet the July 8 deadline are ongoing.
Next week's technical discussions will also cover digital trade issues, though shipbuilding cooperation and the Alaska liquefied natural gas project will be addressed later. Greer also met with HD Hyundai Heavy Industries executives to discuss shipbuilding cooperation, a key topic in U.S.-South Korea trade talks.
Last month, U.S. Secretary of the Navy John Phelan toured South Korean shipyards and expressed interest in further collaboration to boost America's maritime industrial base. Additionally, South Korea has been invited to an Alaskan sustainable energy conference, but its attendance is uncertain due to the election schedule.