South Korea’s trade minister says close consultations with the US will continue to avoid immediate 25% tariffs, focusing on a legislative solution.
SEOUL: South Korea will continue close consultations with the United States to resolve trade disputes before Washington formally imposes increased tariffs.
Trade Minister Yeo Han-koo said the key issue is whether the US will immediately raise tariffs or allow a grace period of one to two months.
“Since we still have time for consultations, the government will continue to engage in close discussions with the US and do our utmost to reach a conclusion that best serves our national interest,” Yeo was quoted as saying by the Yonhap news agency.
He described the US notice of potential tariffs as “unnecessary,” stating Seoul continues “good faith efforts” to fulfil trade agreements.
The minister’s statement followed a week-long trip to the US amid threats from President Donald Trump to raise “reciprocal” tariffs and auto duties on South Korea to 25%.
Washington warned of tariffs due to a delay in Seoul adopting a bill necessary to implement a bilateral trade agreement.
Under that deal, most US tariffs on South Korean goods were reduced to 15%.
Seoul pledged to invest USD 350 billion in US projects and purchase USD 100 billion worth of American energy resources, including liquefied natural gas.
During his visit, Yeo met with the US deputy trade representative and about 20 US lawmakers.
He confirmed Seoul’s readiness to promptly advance a special bill to implement the trade agreement and discuss non-tariff issues like digital regulation.
Yeo also positively assessed a decision by South Korea’s ruling and opposition parties to form a special committee to expedite the bill’s consideration.
This step could help reduce trade tensions, as Washington cites the legislative delay as a key reason for the planned tariff increase.
