Seoul: South Korea's newly appointed Trade Minister, Yeo Han-koo, announced plans to meet with his U.S. counterpart at the earliest opportunity to advance ongoing trade negotiations concerning tariffs, non-tariff measures, and other critical issues. This announcement comes as the deadline for the suspension of reciprocal tariffs imposed by the previous U.S. administration approaches.
According to Yonhap News Agency, Yeo, who assumed office just a day prior, emphasized the urgency of these talks, stating that his ministry has already reached out to Washington to expedite discussions. He highlighted the importance of "shuttle negotiations" at the trade minister level, given the new South Korean government's democratic legitimacy and clear mandate.
The forthcoming trade discussions between Seoul and Washington are expected to address not only tariff negotiations but also aim to establish a comprehensive framework for mutually beneficial cooperation in industry, technology, and investment over the next five years. Yeo underscored the necessity of identifying common interests to forge a politically acceptable, mutually advantageous agreement.
During his inaugural address, Yeo committed to achieving a "pragmatic" and "national interest-oriented" outcome in trade talks with the U.S. He emphasized the expansion of cooperation in advanced technologies like artificial intelligence and digital sectors, with the goal of enhancing the global competitiveness of Korean industries and fostering new economic growth engines.
To support this objective, the trade ministry plans to establish an extensive response system for negotiations with the U.S., expanding the current task force to cover trade, industry, and energy issues comprehensively. The chief of working-level representatives on the South Korean side will also be elevated from director level to senior level.
South Korea and the U.S. have been engaged in negotiations to address tariffs, non-tariff measures, and other concerns, with a package deal targeted by July 8, when the suspension of "reciprocal" tariffs is set to conclude. The Trump administration had imposed 25 percent reciprocal tariffs on South Korea in early April, citing Seoul's trade surplus and non-tariff barriers as issues.
Yeo's appointment by President Lee Jae-myung, who took office last week, underscores the urgency of the tariff negotiations with the U.S., a key influence on South Korea's export-driven economy. Yeo, a seasoned bureaucrat with expertise in trade, previously served under the Moon Jae-in administration and played a role in renegotiating the Korea-U.S. free trade agreement.
Since 2023, Yeo has been a senior fellow at the Peterson Institute for International Economics in Washington, further demonstrating his experience and commitment to advancing South Korea's international trade objectives.