Seoul: A South Korean diplomat on Monday reiterated Seoul's commitment to accelerating trade talks with U.S. President Donald Trump's administration over the next two weeks, hoping for a deal that expands two-way trade rather than constraining it. Ahn Se-ryeong, economic minister at the South Korean Embassy in Washington, made the remarks as Seoul seeks to reach a deal over various trade and industrial cooperation issues, including the Trump administration's "reciprocal" tariffs that are set to kick in Aug. 1.
According to Yonhap News Agency, the minister emphasized the urgency of the discussions, noting the extended deadline to identify a mutually beneficial agreement. Ahn stated that the goal is to balance and expand bilateral trade, rather than restrict it. She highlighted Korea's understanding of Trump's determination to rebalance the trade relationship and emphasized the importance of addressing non-tariff barriers alongside cooperation in the manufacturing sector.
Ahn referenced South Korea's Trade Minister Yeo Han-koo's recent visit to Washington, where he presented a vision for a "manufacturing renaissance partnership" to the U.S. side. This initiative is part of Seoul's efforts to strike a deal with Washington, focusing on strategic sectors like shipbuilding and semiconductors.
The minister also expressed Seoul's hope to secure exemptions or reliefs from sector-specific tariffs implemented under Section 232 of the Trade Expansion Act of 1962. This statute allows the U.S. president to adjust imports perceived as threats to national security. Ahn pointed out that over half of South Korea's exports to the U.S. could be affected by these tariffs.
The Trump administration has already imposed tariffs on sectors such as steel, aluminum, and autos, while considering new tariffs on pharmaceuticals and semiconductors. Reciprocal tariffs, including 25 percent duties on South Korea, are slated to go into effect on Aug. 1 unless a deal is reached. The initial deadline for these tariffs was extended to allow more time for negotiation.