Washington: Trade Minister Yeo Han-koo has delivered South Korea's commitment to upholding its tariff deal with the United States to Washington officials, calling for a "mutually beneficial" resolution to trade tensions escalating between the two countries amid U.S. President Donald Trump's tariff hike threat, Yeo's office said Wednesday.
According to Yonhap News Agency, Yeo headed to the U.S. capital last week to expand Seoul's outreach in the U.S. after Trump made a surprise announcement that he will raise "reciprocal" tariffs and auto duties on Korea back to 25 percent. This move was cited as a response to a delay in the legislative process supporting the implementation of the countries' bilateral trade deal, which was finalized in October.
During his weeklong trip, Yeo met with officials from the Office of U.S. Trade Representative (USTR) and some 20 U.S. lawmakers. He aimed to reaffirm Seoul's commitment to legislating a special bill to implement the trade deal and address non-tariff issues related to digital regulations, among others, according to the Ministry of Trade, Industry and Resources.
Yeo emphasized the need for a "mutually beneficial" solution to the renewed trade tension between the two countries in his meetings. He stressed that a tariff hike would have a significant impact on both countries' economies and industries, the ministry reported.
The minister also communicated Korea's stance on non-tariff trade barrier issues that had been previously raised by the USTR. In its annual report on trade barriers last year, the USTR had highlighted a range of non-tariff measures by South Korea, including its push for online platform regulations.
"We will continue to engage in intensive consultations with the U.S. government, Congress, and industries to find a reasonable solution acceptable to both South Korea and the United States," Yeo stated in a press release.
Yeo is set to return home Thursday.