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Key Points

South Korea and the United States are preparing for critical working-level trade discussions aimed at resolving tariff tensions. The negotiations, led by Industry Minister Ahn Duk-geun, will focus on four key categories including economic security and investment cooperation. Both nations seek to finalize a comprehensive package deal before the 90-day tariff pause expires on July 8. The talks represent a significant diplomatic and economic effort to balance trade relations and enhance bilateral economic partnerships.

Key Points: US-Korea Trade Talks Set to Resolve Tariff Tensions in July

  • US-Korea launch working-level trade talks to resolve tariff tensions
  • Negotiations focus on four key economic cooperation areas
  • Aim to secure tariff suspension before July 8 deadline
  • Expanding US imports proposed as trade balance strategy
2 min read

South Korea, US to begin working-level talks on tariffs next week

South Korea and US launch critical trade negotiations to address tariffs and economic cooperation before key July deadline

"We plan to proceed with the consultations calmly and with prudence - Ahn Duk-geun, Industry Minister"

Seoul, April 26

South Korea and the United States will start working-level discussions next week to advance their agreement on trade tariffs and other areas of cooperation, Industry Minister Ahn Duk-geun said on Saturday.

Ahn made the remark as he returned from Washington, where he and Finance Minister Choi Sang-mok had the "two-plus-two" consultations on tariffs with Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.

The two sides agreed to craft a package deal for tariffs, and bilateral economic and industrial cooperation before the 90-day pause on the tariff measures expires on July 8, reports Yonhap news agency.

"We assess that we got off to a good start in the consultations," Ahn told reporters upon arriving at Incheon International Airport, west of Seoul.

"Working-level consultations will get under way in earnest starting this week. We plan to finalize details on specific task forces," he said.

During the "two-plus-two" talks, they agreed to have future talks focused on four categories: tariff and non-tariff measures, economic security, investment cooperation and currency policies.

Ahn has said the government plans to engage in consultations on the "July package" with the goal of securing a suspension of the tariffs.

"We plan to proceed with the consultations calmly and with prudence," he said.

Regarding the "balance of trade," which refers to the U.S. call for reducing trade deficits, Ahn said that the government is looking at expanding imports from the U.S. rather than reducing its shipments to it.

"We proposed various measures, including increasing energy imports," he said.

Ahn also said South Korea highlighted its commitment to resolving non-tariff barriers and the two sides shared the understanding on active cooperation in shipbuilding.

Ahn said the two sides are expected to have another round of talks at the upcoming trade ministers' meeting of the Asia-Pacific Economic Cooperation (APEC) summit, set to take place on South Korea's Jeju Island next month.

- IANS

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Reader Comments

J
James K.
Glad to see both countries working together on this. Trade agreements benefit everyone in the long run. The energy imports proposal sounds particularly interesting! âš¡
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Sarah L.
I hope they consider the impact on small businesses when negotiating these tariffs. Sometimes the little guys get squeezed in these big trade deals.
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Minho P.
As a Korean exporter, I'm cautiously optimistic about these talks. The 90-day pause gives some breathing room, but the details will be everything. 화이팅!
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Thomas R.
While I appreciate the cooperation, I wish the article gave more specifics about what non-tariff barriers they're addressing. The devil's in the details with these agreements.
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Alicia G.
The shipbuilding cooperation mention caught my eye. That's a huge industry for SK - wonder what this means for jobs and innovation in that sector? 🤔
D
David H.
"Calmly and with prudence" sounds like the right approach. Trade negotiations can get heated, but keeping level heads usually leads to better outcomes for both sides.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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