Seoul: South Korea will continue to closely consult with the United States to reach a resolution before the U.S. administration formalizes a tariff hike on Korea as threatened by President Donald Trump, Trade Minister Yeo Han-koo said Thursday, returning from a weeklong trip to the U.S.

According to Yonhap News Agency, Yeo's trip came after the U.S. president made a surprise announcement of a plan to raise "reciprocal" tariffs and auto duties on South Korea back to 25 percent. This announcement was made due to a delay in South Korea's legislative process in supporting the implementation of the countries' bilateral trade deal, which had previously lowered most U.S. tariffs on South Korea to 15 percent. Reports have indicated that the U.S. administration plans to soon publish a Federal Register announcing the envisioned tariff hike.

Yeo highlighted the importance of determining whether the U.S. will immediately raise tariffs upon issuing a Federal Register or whether there would be a grace period of about one to two months. He expressed that such a publication was "unnecessary" since Seoul is actively making "good faith efforts" to implement the tariff agreement.

The minister emphasized that the government will continue to engage in close discussions with the U.S. and strive to reach a conclusion that best serves South Korea's national interest, as there is still time for consultations. During his visit, Yeo met with the deputy U.S. Trade Representative and around 20 U.S. lawmakers to reaffirm Seoul's commitment to legislating a special bill to implement the trade deal and address non-tariff issues related to digital regulations and others.

Yeo expressed his approval of the rival parties' decision to establish a special committee to advance the U.S. investment bill within a month, noting that it would help resolve ongoing trade tensions with the U.S. He acknowledged that while it is uncertain how the U.S. will react to this move, he believes the National Assembly's commitment to advancing the legislative process will be beneficial, given that Washington has cited the delay in the legislation of the U.S. investment bill as the primary reason for its tariff hike plan.

Regarding non-tariff issues, including tensions over Seoul's investigation into Coupang Inc.'s massive data leak incident, Yeo refrained from disclosing details of the trade talks. However, he asserted the necessity of "carefully" managing such issues, as the bilateral trade deal also involves joint efforts to address non-tariff trade barrier issues. Concerns have been raised by Washington over Korea's ongoing investigation into Coupang, a U.S.-listed e-commerce firm, with some U.S. lawmakers labeling the investigation as "discrimination" against a U.S. firm. This has sparked fears that the issue could negatively impact trade relations between the two countries. Nonetheless, Seoul officials have stated that the Coupang issue and Trump's tariff hike threat are not related.