Seoul: South Korea is in the process of compiling a list of items that can be imported from the United States, Trade Minister Cheong In-kyo announced Wednesday. This development comes in response to the U.S. plans to introduce “reciprocal” tariffs targeting key trade partners with significant trade surpluses against the U.S.
According to Yonhap News Agency, Cheong made these remarks during a special lecture aimed at midsized firms, discussing strategies to navigate the global trade war. He emphasized the importance of preparing for potential negotiations with the U.S., stating, “We are continuing to make a list of items the government can encourage public entities to import from the United States.”
Cheong’s comments come as the U.S. is set to implement new “reciprocal tariffs” on April 2. However, U.S. Treasury Secretary Scott Bessent indicated that these tariffs might not apply immediately to countries that secure a “pre-negotiated deal” or enter negotiations with the U.S.
The trade minister warned against assuming that the U.S. would overlook trade surplus issues, highlighting that Washington has been inquiring how Seoul plans to address its trade surplus with the U.S. The South Korean government is seeking ways to increase imports from the U.S. by focusing on the public sector, as it cannot mandate the private sector to alter its trade practices.
Cheong also mentioned that the Trump administration is aware of the fact that South Korea imposes a tariff of less than 1 percent on U.S. goods under their bilateral free trade agreement, contrasting with Trump’s claims of higher South Korean tariffs.
During his recent visit to Washington, Cheong met with U.S. Trade Representative Jamieson Greer to discuss these tariff issues. Despite efforts, Cheong acknowledged the challenge South Korea faces in avoiding the U.S. administration’s “reciprocal tariff.”
Concerns have intensified following remarks from the U.S. Treasury Secretary about potentially higher tariffs for “Dirty-15” countries with substantial tariffs on U.S. goods. South Korea ranked as the ninth-largest trade surplus holder with the U.S. in 2024.
Cheong remarked that the U.S. intends to engage in tariff negotiations soon after announcing its revised tariff rates. He noted that the tariffs set for April 2 may not be final and could change based on the negotiation package South Korea presents.
The South Korean government is also preparing for discussions on non-tariff barriers the U.S. might address, such as regulations on online platforms. Greer raised issues regarding Seoul’s sanitary measures on U.S. agricultural products and digital regulations, suggesting these might be seen as non-tariff barriers by the U.S.
In efforts to mitigate potential trade conflicts, the South Korean government is actively communicating with U.S. officials to clarify trade policies and explore cooperation in sectors like shipbuilding and energy. Industry Minister Ahn Duk-geun is scheduled to visit the U.S. soon for further discussions with U.S. Secretary of Energy Chris Wright and other officials.