South Korea Stresses Focus on ‘Practical Interests’ in Trade Talks with US

South Korean Trade Minister Yoo Han-koo confirmed that his country is focusing on maximizing “practical interests” in its ongoing trade talks with the United States, just days before the expiration of the temporary suspension announced by US President Donald Trump on mutual tariffs.

Yonhap News Agency quoted the Korean minister, upon his arrival in the US capital, as saying that all options remain open, including extending the suspension of tariffs or reaching a broad preliminary agreement rather than a comprehensive agreement, noting that achieving a final agreement within the next three days appears unlikely.

He explained that his visit comes as part of his new government’s commitment to strengthening trade relations with the Trump administration, as he is scheduled to resume talks with US Trade Representative Jamison Greer.

He added that South Korea anticipates the possibility of announcing a new rate of mutual tariffs after the suspension ends on July 8, but hopes to extend the suspension for an additional temporary period. He indicated that his country will continue negotiating in a pragmatic spirit focused on protecting national economic interests, especially in light of the current uncertainty. Trump imposed reciprocal tariffs, including a 25 percent tariff on imports from South Korea, effective April 9. However, he temporarily suspended the implementation of the decision for 90 days to allow for negotiations.

South Korea is also seeking to mitigate the impact of sectoral tariffs imposed on its exports of automobiles, steel, and aluminum. The minister described these issues as “the most sensitive,” stressing the importance of his country obtaining exemptions or significant reductions.

In contrast, the South Korean trade minister expressed optimism about the prospects for industrial cooperation with the United States in key areas such as artificial intelligence, the automotive industry, batteries, energy, and the biotechnology sector, stressing that his country has competitive advantages in these sectors, which are important to the strategy of rebuilding American industry.

He indicated that his country seeks to reach a “win-win” agreement that integrates the technological and commercial aspects of the bilateral relationship, with a time horizon of four or five years. It’s worth noting that the Korean Trade Minister’s visit coincided with South Korean National Security Advisor Wi Sung-lac’s preparations to travel to Washington for a three-day visit as part of President Lee Jae-myung’s government’s efforts to strengthen strategic coordination between the two countries. US President Donald Trump announced on Friday his intention to send official letters to 12 countries next Monday to determine their tariff rates, heightening the importance of the current round of trade consultations.