Washington: South Korea's top trade official has requested the U.S. administration under Donald Trump to lower sectoral tariffs on automobiles, steel, and other items for Korean companies. This request was made during a meeting with U.S. Commerce Secretary Howard Lutnick, as stated by Seoul's trade ministry on Tuesday.
According to Yonhap News Agency, Trade Minister Yeo Han-koo met with Lutnick in Washington to discuss various trade issues, including tariffs and industrial cooperation. Yeo emphasized Seoul's dedication to advancing manufacturing partnerships with the U.S. and urged the Trump administration to provide favorable treatment to Korean companies concerning tariffs on imported goods.
Yeo described South Korea as a "long-time and credible ally" of the U.S. and positioned it as the ideal partner for manufacturing cooperation. He highlighted that bilateral collaboration could effectively lead to "balanced trade" between the two nations.
Over the weekend, Yeo also engaged with U.S. Trade Representative Jamieson Greer, suggesting measures to establish a "mutually beneficial" manufacturing cooperation framework between the countries. In a press release, Yeo expressed the need to find a "landing zone" in trade consultations with the U.S. and committed to accelerating trade talks to reach a solution advantageous to both sides.
Yeo is scheduled to have another meeting with Lutnick on Wednesday, as reported by the ministry. South Korea has a three-week window to finalize trade negotiations with the U.S. following Trump's decision to extend the pause on reciprocal tariffs for major trading partners until August 1, allowing further negotiations.
Seoul aims for either full exemption from or reduction of the 25 percent U.S. reciprocal tariffs on imported cars, steel, and other products, proposing a package deal addressing tariffs, non-tariff measures, industrial cooperation, and other trade issues. Meanwhile, Seoul's industry ministry convened an emergency meeting with officials from the automobile, steel, battery, and bio industries to discuss negotiation strategies and support measures for Korean companies affected by U.S. tariffs.