SEOUL: South Korea’s business minister requested a tariff exemption in talks with the US administration, Seoul’s business ministry stated on Saturday (Mar 1), as Washington strikes ahead with plans to impose new tariffs.
Ahn Duk-geun met with US Commerce Secretary Howard Lutnick, US Inside Secretary Doug Burgum and US Commerce Consultant Jamieson Greer in Washington this week, searching for tariff exemptions from the administration of US President Donald Trump and discussing methods to strengthen bilateral cooperation between the 2 nations, the ministry stated in a press release.
“Minister Ahn mentioned strengthening partnerships in strategic industries akin to shipbuilding and superior industries with commerce secretary Lutnick. On the identical time, he conveyed South Korean corporations’ considerations relating to the US authorities’s tariff measures and requested tariff exemptions,” the business ministry stated.
South Korea and the US have additionally agreed to arrange a working-level channel to debate tariff-related points and cooperation within the shipbuilding sector, Seoul’s business ministry stated.
Ahn’s assembly with Lutnick marked the primary ministerial-level commerce talks between the nations in Trump’s second time period, happening amid a diplomatic vacuum as impeached President Yoon Suk Yeol is suspended from duties over his short-lived imposition of martial regulation.
Ahn travelled to Washington DC earlier this week to push for an exemption from US metal tariffs and talk about methods to cooperate in vitality and shipbuilding.
The journey got here lower than per week after Deputy Commerce Minister Park Jong-won led the primary main South Korean authorities delegation to go to Washington since Trump took workplace, asking his administration to exempt Seoul from metal and aluminium tariffs.
As a significant world exporter and prime buying and selling associate with the US, South Korea has seen Trump’s measures with rising concern.
Asia’s fourth-biggest financial system is amongst 20 nations which have complete free commerce pacts with the US. Within the Asia-Pacific area, these embody Australia and Singapore, whereas Japan has an settlement that focuses on important minerals.
Whereas the US-Korea Free Commerce Settlement (FTA) permits most items to be traded with out tariffs, Trump this month introduced plans to impose a 25 per cent tariff on metal and aluminium globally, together with on South Korea. The brand new tariffs are set to take impact in March, whereas the US president has additionally introduced reciprocal tariffs on buying and selling companions from April.
South Korea’s performing President and Finance Minister Choi Sang-mok urged US Treasury Secretary Scott Bessent in a video name on Friday to concentrate to South Korea’s contributions to the US financial system in Washington’s policymaking.
