Seoul: South Korea's top trade negotiator, Yeo Han-koo, convened a pan-government meeting to formulate a negotiation strategy as the country prepares for further discussions with the United States regarding tariffs. These talks are expected to take place in the coming weeks, as confirmed by Seoul's industry ministry.
According to Yonhap News Agency, Yeo gathered officials from several ministries, including finance, land, agriculture, and oceans, to address the items involved in the ongoing trade negotiations with the U.S. The Ministry of Trade, Industry and Energy emphasized that the meeting aimed to develop a detailed response strategy for each negotiation item.
Yeo urged the ministries to explore measures that would ensure a mutually beneficial agreement. He highlighted the importance of these upcoming "intense" negotiations, especially in light of recent leadership changes in South Korea, which he suggested had previously hindered trade talks.
Yeo expressed the need for South Korea to capitalize on its democratic legitimacy to successfully conclude the negotiations, which he believes could enhance industrial competitiveness and foster new growth opportunities by aligning with the new government's growth philosophy.
When questioned about his next meeting with U.S. counterparts, Yeo mentioned that arrangements for his visit to Washington were still in progress. He anticipated "shuttle" meetings at the trade minister level and technical discussions with Washington soon.
A potential meeting between South Korean President Lee Jae Myung and U.S. President Donald Trump at the G7 summit in Canada did not occur, as President Trump left the event early due to the Israel-Iran conflict.
South Korea aims to secure a full exemption or reduction of U.S. tariffs on steel and automobile imports by July 8, coinciding with the expiration of the U.S. administration's suspension of reciprocal tariffs. The Trump administration has raised concerns about South Korea's trade surplus and non-tariff barriers, including import bans on American beef and emission-related regulations on imported cars. The U.S. Trade Representative's office has also highlighted these issues in its annual report on foreign trade barriers.