South Korea's industry minister seeks exemption from Trump's tariffs
The meeting between South Korea's Industry Minister Ahn Duk-geun and US Commerce Secretary Howard Lutnick marked the first ministerial-level trade talks between the two countries in Trump’s second term.
South Korea’s Minister of Trade, Industry and Energy Ahn Duk-geun speaks during a meeting with US Commerce Secretary Gina Raiimondo and Japan’s Economy, Trade and Industry Minister Ken Saito as part of an inaugural Trilateral Commerce and Industry Ministerial Meeting at the Commerce Department in Washington on June 26, 2024. (File Photo: Reuters/Nathan Howard)
SEOUL: South Korea's industry minister requested a tariff exemption in talks with the US administration, Seoul's industry ministry said on Saturday (Mar 1), as Washington moves forward with plans to impose new tariffs.
Ahn Duk-geun met with US Commerce Secretary Howard Lutnick, US Interior Secretary Doug Burgum and US Trade Representative Jamieson Greer in Washington this week, seeking tariff exemptions from the administration of US President Donald Trump and discussing ways to strengthen bilateral cooperation between the two countries, the ministry said in a statement.
"Minister Ahn discussed strengthening partnerships in strategic industries such as shipbuilding and advanced industries with commerce secretary Lutnick. At the same time, he conveyed South Korean companies' concerns regarding the US government's tariff measures and requested tariff exemptions," the industry ministry said.
South Korea and the US have also agreed to set up a working-level channel to discuss tariff-related issues and cooperation in the shipbuilding sector, Seoul's industry ministry said.
Ahn's meeting with Lutnick marked the first ministerial-level trade talks between the countries in Trump’s second term, taking place amid a diplomatic vacuum as impeached President Yoon Suk Yeol is suspended from duties over his short-lived imposition of martial law.
Ahn travelled to Washington DC earlier this week to push for an exemption from US steel tariffs and discuss ways to cooperate in energy and shipbuilding.
The trip came less than a week after Deputy Trade Minister Park Jong-won led the first major South Korean government delegation to visit Washington since Trump took office, asking his administration to exempt Seoul from steel and aluminium tariffs.
As a major global exporter and top trading partner with the United States, South Korea has viewed Trump's measures with increasing concern.
Asia's fourth-biggest economy is among 20 countries that have comprehensive free trade pacts with the United States. In the Asia-Pacific region, these include Australia and Singapore, while Japan has an agreement that focuses on critical minerals.
While the US-Korea Free Trade Agreement (FTA) allows most goods to be traded without tariffs, Trump this month announced plans to impose a 25 per cent tariff on steel and aluminium globally, including on South Korea. The new tariffs are set to take effect in March, while the US president has also announced reciprocal tariffs on trading partners from April.
South Korea's acting President and Finance Minister Choi Sang-mok urged US Treasury Secretary Scott Bessent in a video call on Friday to pay attention to South Korea's contributions to the US economy in Washington's policymaking.
