Latest news with #YeoHankoo
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
South Korea says framework US trade deal possible by August, farm market access on table
South Korean trade minister Yeo Han-koo posing for a photo with US commerce secretary Howard Lutnick during their meeting in Washington. (EPA Images pic) SEOUL : South Korea's top trade envoy said on Monday it may be possible to strike an 'in-principle' trade deal with the US by an Aug 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 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 judgement 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,' without elaborating on what would cement a deal or speculating 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 Aug 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 to 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% 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.
Bloomberg
2 days ago
- Business
- Bloomberg
South Korea Flags Concerns Over US Chip Levy Uncertainties
South Korea is deeply concerned about tariffs the US is likely to impose on semiconductors, with Trade Minister Yeo Han-koo warning Monday of the damage the duties would inflict on one of the nation's key export sectors. Speaking to local reporters, Yeo flagged the concerns over the sectoral duties likely to be imposed on chips, adding that the government is working urgently to minimize separate across-the-board tariffs scheduled to take effect on Aug. 1. Yeo indicated that any final deal needed to factor in the chip tariffs, too.
Bloomberg
5 days ago
- Business
- Bloomberg
South Korea's Trade Chief Seeks ‘Landing Zone' in US Trade Talks
South Korea's top trade official said negotiations with the US on tariffs have entered a critical phase, after wrapping up meetings in Washington and returning to Seoul late Thursday. Trade Minister Yeo Han-koo held talks with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick, pressing for an extension of the suspension of the proposed 25% across-the-board tariffs, now scheduled to take effect on Aug. 1. South Korea is also seeking reductions in sectoral tariffs on industries like autos and steel.
