SEOUL: South Korea’s President Lee Jae Myung said Thursday his administration was doing its “utmost” to secure a trade deal with the United States ahead of President Donald Trump’s deadline next week for imposing fresh country specific levies.
“It’s certainly not easy, that much is clear. And to be honest, I can’t say with confidence that we’ll be able to wrap everything up by July 8,“ Lee said at a press conference marking his first month in office.
“We’re doing our best, and the goal is to reach a genuinely mutually beneficial outcome, but at this stage, both sides still haven’t clearly defined what exactly they want,“ he said, adding: “All I can say for now is that we’re doing our utmost.”
Already hit by sector levies on steel and car exports, Seoul is laser-focused on negotiations over a 25 percent country-specific tariff that has been suspended until next week.
Without an agreement, it will come into effect just after midnight Washington time on July 9.
Seoul’s ministry of industry and trade confirmed this week it is seeking an extension.
“With the US tariff suspension deadline fast approaching, the direction of Washington’s future actions remains highly uncertain and volatile, including whether the suspension will be extended,“ trade minister Yeo Han-koo said Thursday.
Yeo said the reimposition of US tariffs would be a “grave situation” requiring an all-out, government-wide effort to minimise the negative impact on Asia’s fourth-largest economy.
Lee assumed office facing a daunting array of challenges, from a deepening economic slump and intensifying global trade tensions to rising alarm over growing military cooperation between nuclear-armed North Korea and Russia.
He inherited a nation deeply fractured by the political crisis triggered by his predecessor, Yoon Suk Yeol, whose attempted imposition of martial law in December sent shockwaves through South Korean democracy.
