South Korea’s Industry Minister and Trade Chief recently concluded a visit to the United States, engaging in crucial discussions to address tariff concerns and other outstanding trade issues between Seoul and Washington, announced the Industry Ministry on Saturday.
Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo held separate meetings on Friday (US time) with key US officials, including Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, focusing on bilateral trade matters of mutual interest.
The primary objective of the visit was to mitigate uncertainties arising from tariff policies, particularly in the wake of a recent US Supreme Court decision impacting reciprocal tariffs previously imposed by the Trump administration. The discussions also aimed to further advance the implementation of the existing bilateral trade agreement between South Korea and the United States, according to the Ministry.
During his meeting with Secretary Lutnick, Minister Kim highlighted South Korea’s progress in fulfilling commitments under the trade agreement, including the enactment of legislation to support investment in the US. He also explored avenues to strengthen strategic investment cooperation between the two nations.
Addressing the evolving tariff landscape in the US, Minister Kim emphasized the importance of upholding previously agreed-upon tariff arrangements, especially as Washington implements tariff policies under laws such as Section 122 of the Trade Act and Section 232 of the Trade Expansion Act, following the Supreme Court’s ruling.
In a separate meeting, Trade Minister Yeo and USTR Greer discussed implementation strategies for non-tariff measures outlined in a joint fact sheet previously issued by the leaders of South Korea and the US. They also agreed to convene a joint committee meeting to review and optimize the South Korea-US Free Trade Agreement at a mutually convenient time.
Furthermore, Minister Yeo addressed the ongoing petition filed by US investors in the e-commerce company Coupang Inc., who are seeking a Section 301 investigation. He conveyed Seoul’s position that this matter should not negatively impact the broader bilateral trade relationship between the two countries.
