Seoul official stresses commitment to accelerating tariff talks with US over next 2 weeks
Ahn Se-ryeong, economic minister at the South Korean Embassy in Washington, made the remarks as Seoul seeks to reach a deal over various trade and industrial cooperation issues, including the Trump administration's "reciprocal" tariffs that are set to kick in Aug. 1.
"We intend to accelerate substantive discussions over the next two weeks -- with the deadline extended (to) August 1 -- to identify a viable landing zone between (Korea) and the United States with the aim of reaching a mutually beneficial agreement that balances and expands our bilateral trade rather than constraining it," she said during a forum hosted by the Korea Economic Institute of America.
The minister pointed out that while Seoul "fully understands" Trump's determination to rebalance the bilateral trade relationship, Korea believes that addressing non-tariff barriers and fostering cooperation in the manufacturing sector must go "hand in hand."
"This approach will be essential to reduce trade deficit, not only in the short term but also in a more systematic and sustainable manner over the long time," she said.
Touching on a recent visit to Washington by South Korea's Trade Minister Yeo Han-koo, Ahn said he had presented to the US side a vision for a "manufacturing renaissance partnership" -- as part of an effort by Seoul to strike a deal with the US.
"The US has shown strong interest in Korea-US cooperation in strategic sectors, such as shipbuilding and semiconductors," she said, casting that approach to bilateral cooperation as "ships and chips."
The minister, moreover, underlined Seoul's hope to secure exemptions or reliefs from sector-specific tariffs that the Trump administration has rolled out under Section 232 of the Trade Expansion Act of 1962 -- a statute that allows the president to adjust imports into the US when he determines they threaten to impair national security.
"(We believe) Section 232 sectoral tariffs are as important as reciprocal tariffs for Korea as over half of our exports to the US could be affected by the current and potential future sectoral tariffs," she said.
The Trump administration has imposed sectoral tariffs on steel, aluminum, autos and certain parts while considering the rollout of new tariffs on pharmaceuticals and semiconductors.
Reciprocal tariffs, including 25 percent duties on South Korea, are slated to go into effect Aug. 1 unless the two sides reach a deal before then. The tariffs were initially supposed to take effect Wednesday last week following a 90-day pause, but Trump extended the deadline to Aug. 1, allowing countries more time to negotiate a deal. (Yonhap)
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