Trade minister says S. Korea looks to maximize 'practical interests' in trade talks with US
Speaking to the press, Yeo noted that "all possibilities" appear to remain open, saying that the pause on "reciprocal" tariffs could be extended beyond Tuesday, and that the two countries could also reach a broad agreement in principle rather than a full-fledged trade deal.
Yeo's arrival came a little over a week after his last trip to the US capital, underscoring the new South Korean government's commitment to striking a trade deal with the Trump administration. He was set to resume talks with US Trade Representative Jamieson Greer on the day.
"Even if (the US) unveils a new reciprocal tariff rate for each country, including South Korea, following the expiry of the July 8 pause on the tariffs, we anticipate that there could be a little (additional) period of pause," he told reporters as he walked out of a train station in Washington following his arrival in New York the previous day.
"All possibilities remain open," he pointed out, saying that the likelihood of the two sides reaching a deal "in broad terms" cannot be ruled out, though concluding a formal deal on every detail over the next three days appears difficult.
"We judge that the current situation is urgent ... In fact, many things are uncertain and fluid at this point," Yeo said. "Through today's negotiations, we want to figure out more details about the US' plan, and will engage in negotiations with a focus on finding ways for us to maximize practical interests."
On April 2, Trump announced reciprocal tariffs, including 25 percent duties on South Korea, in a move to match what other countries impose on American goods. The tariffs took effect on April 9, but he paused them for 90 days on the day to allow time for negotiations.
Aside from reciprocal tariffs, South Korea is also seeking to minimize the impact of sector-specific tariffs on automobiles, steel and aluminum.
"We think that a relatively more difficult area is the sectoral tariff issue given that the US regards it as important from the standpoint of its industrial protection," he said. "But we have repeatedly emphasized that it is crucial (for South Korea) to get exceptions or ensure that the rates are significantly reduced, and we plan to reiterate that again today."
Despite uncertainty over the trade negotiations, Yeo painted a positive outlook for the future of bilateral industrial cooperation.
"Areas, where chances of mutual cooperation are high, are the artificial intelligence, automobiles, batteries, energy and the bio sector. They are areas where the US needs great cooperation in its efforts to rebuild its manufacturing, and (I) think South Korea has a unique value in those areas," he said.
"We seek 'positive-sum' negotiations by putting together issues of industrial and technological cooperation between South Korea and the US for the mid- and long-term period of four to five years alongside tariff talks."
Yeo's visit to Washington came as South Korea's National Security Adviser Wi Sung-lac is set to arrive in the US capital on Sunday for a three-day trip in what appears to be a move by President Lee Jae Myung's administration to ensure smooth cooperation between the two allies.
On Friday, Trump said he will send letters to 12 countries, which specify their tariff rates, on Monday.
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