Seoul: South Korea and the United States will commence working-level discussions this week to enhance their agreement on U.S. tariffs and other cooperative areas, as stated by Industry Minister Ahn Duk-geun on Saturday. Ahn made this announcement upon returning from Washington, where he, along with Finance Minister Choi Sang-mok, engaged in “two-plus-two” consultations on tariffs with Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.
According to Yonhap News Agency, the discussions aim to formulate a package deal on tariffs and bilateral economic and industrial cooperation before the 90-day pause on tariff measures concludes on July 8. “We assess that we got off to a good start in the consultations,” Ahn remarked upon his arrival at Incheon International Airport, located west of Seoul.
Ahn outlined that working-level consultations will commence earnestly this week, with plans to finalize details on specific task forces. During the “two-plus-two” talks, both parties agreed to concentrate future discussions on four categories: tariff and non-tariff measures, economic security, investment cooperation, and currency policies.
The government aims to engage in consultations for the “July package” with the objective of securing a suspension of the tariffs. Ahn emphasized the government’s approach to proceed with the consultations calmly and with prudence.
In addressing the “balance of trade,” which involves the U.S. call for reducing trade deficits, Ahn indicated that the government is considering expanding imports from the U.S. rather than decreasing its exports to the U.S. “We proposed various measures, including increasing energy imports,” he stated. Ahn also mentioned that South Korea emphasized its commitment to addressing non-tariff barriers, and both sides recognized the need for active cooperation in the shipbuilding sector.
Further talks are anticipated at the upcoming trade ministers’ meeting of the Asia-Pacific Economic Cooperation (APEC) summit, scheduled to be held on South Korea’s Jeju Island next month.