Latest news with #Yeo Han-koo
Yahoo
5 days ago
- Business
- Yahoo
South Korea says framework US trade deal possible by August, farm market access on table
By Hyunjoo Jin SEOUL (Reuters) -South Korea's top trade envoy said on Monday it may be possible to strike an "in-principle" trade deal with the United States by an August 1 deadline and signalled Seoul may be open to allow greater access to its agriculture markets, local media reported. Minister for Trade Yeo Han-koo, who held high-level talks with U.S. officials last week, said South Korea was seeking to avoid "unfair" U.S. tariffs on sectors key to its industrial prowess that would undermine industrial cooperation with its main security ally and trading partner, media reports said. "I believe it's possible to reach an agreement in principle in the U.S. tariff negotiations, and then take some time to negotiate further," the Newsis news agency quoted Yeo as telling local media reporters. "Twenty days are not enough to come up with a perfect treaty that contains every detail." "We need to make a strategic judgment in the case of the agriculture and livestock sectors," Yeo was quoted as saying, adding "sensitive" areas may need continued protection but some aspects may be considered as part of the overall framework. There was "considerable progress" in the discussion with U.S. officials over cooperation in key industrial sectors as part of the trade talks, Yeo was cited as saying, but Washington needed to cut industry-specific tariffs on autos and steel. On Sunday in Maryland, U.S. President Donald Trump told reporters "South Korea wants to make a deal right now," without elaborating what would cement a deal or speculate on a time frame for getting negotiations done. South Korea is in a race to reach a compromise trade pact in the hope of avoiding a 25% tariff slapped on its exports by Trump that is set to kick in on August 1, after a late start to negotiations with a new president voted in last month. President Lee Jae-myung took office on June 4 following the ouster of his predecessor Yoon Suk Yeol over a failed martial law attempt. The six months of political turmoil forced Seoul to initially focus on technical discussions over Trump's demands. Top South Korean officials held meetings in Washington after Trump's announcement, including to negotiate cuts or exemptions from import duties on steel and autos. A senior South Korean trade official said earlier this month Washington had shown a willingness to consider exemptions on sectoral tariffs, as it had when agreeing a deal with Britain, if South Korea proposed a clear offer to reduce trade deficits. South Korea earned a record $55.6 billion trade surplus with the U.S. in 2024, up 25% from 2023, led by rising car exports, according to Korea Customs Service data. South Korea's effective tariff rates stand at near-zero under a free trade agreement first signed in 2007 then revised in 2018 under Trump's first term, according to economists.
CNA
5 days ago
- Business
- CNA
South Korea says framework US trade deal possible by August, farm market access on table
SEOUL: South Korea's top trade envoy said on Monday (Jul 14) it may be possible to strike an "in-principle" trade deal with the United States by an Aug 1 deadline and signalled Seoul may be open to allowing greater access to its agricultural markets, local media reported. Minister for Trade Yeo Han-koo, who held high-level talks with US officials last week, said South Korea was seeking to avoid "unfair" US tariffs on sectors key to its industrial prowess that would undermine industrial cooperation with its main security ally and trading partner, media reports said. "I believe it's possible to reach an agreement in principle in the US tariff negotiations, and then take some time to negotiate further," the Newsis news agency quoted Yeo as telling local media reporters. "Twenty days are not enough to come up with a perfect treaty that contains every detail." "We need to make a strategic judgment in the case of the agriculture and livestock sectors," Yeo was quoted as saying, adding "sensitive" areas may need continued protection but some aspects may be considered as part of the overall framework. There was "considerable progress" in the discussion with US officials over cooperation in key industrial sectors as part of the trade talks, Yeo was cited as saying, but Washington needed to cut industry-specific tariffs on autos and steel. On Sunday in Maryland, US President Donald Trump told reporters: "South Korea wants to make a deal right now." He did not elaborate on what would cement a deal or speculate on a time frame for getting negotiations done. South Korea is in a race to reach a compromise trade pact in the hope of avoiding a 25 per cent tariff slapped on its exports by Trump that is set to kick in on Aug 1, after a late start to negotiations with a new president voted in last month. President Lee Jae-myung took office on Jun 4 following the ouster of his predecessor Yoon Suk Yeol over a failed martial law attempt. The six months of political turmoil forced Seoul to initially focus on technical discussions over Trump's demands. Top South Korean officials held meetings in Washington after Trump's announcement, including to negotiate cuts or exemptions from import duties on steel and autos. A senior South Korean trade official said earlier this month Washington had shown a willingness to consider exemptions on sectoral tariffs, as it had when agreeing a deal with Britain, if South Korea proposed a clear offer to reduce trade deficits. South Korea earned a record US$55.6 billion trade surplus with the US in 2024, up 25 per cent from 2023, led by rising car exports, according to Korea Customs Service data. South Korea's effective tariff rates stand at near-zero under a free trade agreement first signed in 2007, then revised in 2018 under Trump's first term, according to economists.
Yahoo
5 days ago
- Business
- Yahoo
South Korea trade envoy: may be able to strike framework deal with US by Aug 1 deadline
SEOUL (Reuters) -South Korea's top trade envoy said on Monday it may be possible to strike an "in-principle" trade deal with the United States by an August 1 deadline, but time is short to work out a detailed package seeking exemption from punishing U.S. tariffs, media reports said. Minister for Trade Yeo Han-koo, who held high-level talks with U.S. officials last week, said South Korea may have to make some strategic decisions over its agriculture market as part of trade negotiations with the United States, the Yonhap News Agency said. "I believe it's possible to reach an agreement in principle in the U.S. tariff negotiations, and then take some time to negotiate further," the Newsis news agency quoted Yeo as telling local media reporters. "Twenty days are not enough to come up with a perfect treaty that contains every detail." There was "considerable progress" in the discussion with U.S. officials over cooperation in key industrial sectors as part of the trade talks, Yeo was cited as saying, but Washington needs to cut industry-specific tariffs on autos and steel, calling them "unfair" and severely undermining bilateral cooperation. South Korea is in a race to reach a compromise trade pact in the hope of avoiding a 25% tariff slapped on its exports announced by U.S. President Donald Trump that is set to kick in on August 1, after a late start to negotiations with a new president voted in last month. President Lee Jae-myung took office on June 4 following the ouster of his predecessor Yoon Suk Yeol over a failed martial law attempt. The six months of political turmoil forced Seoul to initially focus on technical discussions over Trump's demands.
Yahoo
5 days ago
- Business
- Yahoo
South Korea trade envoy: may be able to strike framework deal with US by Aug 1 deadline
SEOUL (Reuters) -South Korea's top trade envoy said on Monday it may be possible to strike an "in-principle" trade deal with the United States by an August 1 deadline, but time is short to work out a detailed package seeking exemption from punishing U.S. tariffs, media reports said. Minister for Trade Yeo Han-koo, who held high-level talks with U.S. officials last week, said South Korea may have to make some strategic decisions over its agriculture market as part of trade negotiations with the United States, the Yonhap News Agency said. "I believe it's possible to reach an agreement in principle in the U.S. tariff negotiations, and then take some time to negotiate further," the Newsis news agency quoted Yeo as telling local media reporters. "Twenty days are not enough to come up with a perfect treaty that contains every detail." There was "considerable progress" in the discussion with U.S. officials over cooperation in key industrial sectors as part of the trade talks, Yeo was cited as saying, but Washington needs to cut industry-specific tariffs on autos and steel, calling them "unfair" and severely undermining bilateral cooperation. South Korea is in a race to reach a compromise trade pact in the hope of avoiding a 25% tariff slapped on its exports announced by U.S. President Donald Trump that is set to kick in on August 1, after a late start to negotiations with a new president voted in last month. President Lee Jae-myung took office on June 4 following the ouster of his predecessor Yoon Suk Yeol over a failed martial law attempt. The six months of political turmoil forced Seoul to initially focus on technical discussions over Trump's demands. Sign in to access your portfolio
