SEOUL: South Korea’s business minister requested a tariff exemption in talks with the US administration, Seoul’s business ministry mentioned 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, looking for tariff exemptions from the administration of US President Donald Trump and discussing methods to strengthen bilateral cooperation between the 2 nations, the ministry mentioned in an announcement.
“Minister Ahn mentioned strengthening partnerships in strategic industries resembling shipbuilding and superior industries with commerce secretary Lutnick. On the identical time, he conveyed South Korean firms’ issues concerning the US authorities’s tariff measures and requested tariff exemptions,” the business ministry mentioned.
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 mentioned.
Ahn’s assembly with Lutnick marked the primary ministerial-level commerce talks between the nations in Trump’s second time period, going down amid a diplomatic vacuum as impeached President Yoon Suk Yeol is suspended from duties over his short-lived imposition of martial legislation.
Ahn travelled to Washington DC earlier this week to push for an exemption from US metal tariffs and focus on methods to cooperate in power 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 international exporter and high buying and selling accomplice with the USA, South Korea has considered Trump’s measures with growing concern.
Asia’s fourth-biggest financial system is amongst 20 nations which have complete free commerce pacts with the USA. Within the Asia-Pacific area, these embody Australia and Singapore, whereas Japan has an settlement that focuses on vital 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.
