What’s Next for US-South Korea Trade Talks? Key Discussions Set for This Week
Upcoming Trade Discussions Between South Korea and the US
Seoul: This week, South Korea and the United States are set to engage in a second round of technical discussions in Washington regarding the US's extensive tariff strategy. Officials have indicated that both nations aim to finalize a comprehensive agreement by early July.
A delegation from South Korea is anticipated to travel to Washington around Tuesday to participate in these discussions, which may commence as soon as Tuesday (US time), according to representatives from the Ministry of Trade, Industry and Energy.
The agenda for the talks will cover six critical areas, including trade imbalances, non-tariff measures, economic security, digital trade, product origin, and commercial factors, as reported by a news agency.
Last month, the US initiated reciprocal tariffs on its trading partners, imposing a 25% duty on South Korea, but quickly suspended these tariffs to facilitate direct negotiations.
Seoul and Washington have since agreed to strive for a 'July package' deal addressing trade and related matters before July 8, when the 90-day suspension on reciprocal tariffs, initiated by Trump, is set to end.
Following the initial round of discussions in Washington earlier this month, Industry Minister Ahn Duk-geun and Trade Minister Cheong In-kyo met separately with US Trade Representative Jamieson Greer on Jeju Island last week, where they reiterated their appeal for a full exemption from tariffs.
"We are closely monitoring the situation, as there is a chance that the US may introduce specific requests regarding tariffs and economic collaboration during the upcoming discussions," stated a ministry official.
"Identifying the US's demands is crucial for us to engage in necessary domestic discussions," he added.
The South Korean government has expressed its intention to approach the negotiations with caution and deliberation, especially with the presidential election approaching on June 3.