South Korea to Negotiate Reciprocal US Tariffs on Steel and Automobiles

South Korean Trade Minister Chung In-kyu said Tuesday as he headed to Washington for talks on US trade policy that South Korea will “actively” negotiate with the United States to minimize the impact of US tariffs on South Korean industries and the economy.

According to Yonhap News Agency, Chung told reporters, “We have to negotiate tariffs on steel and automobiles during this visit to the US because they are two of South Korea’s most important exports,” noting that he will also work to outline Washington’s plans for tariffs on semiconductors and other goods.

Chung is scheduled to meet with US Trade Representative Jameson Greer and other officials during his two-day visit to the US.

This trip marks the first such visit by a senior South Korean trade official since the Trump administration announced reciprocal tariffs on each country, which are scheduled to take effect on Wednesday, including a 25% tariff on South Korea. He added, “It is good news to hear that US President Trump said he is open to tariff negotiations with countries other than China before our visit to Washington.”

Trump wrote on his social media account on Monday that negotiations with countries that requested meetings would begin “immediately,” while warning China to withdraw its retaliatory tariffs against the United States.

This message came after Beijing responded to the United States by imposing 34% tariffs on US goods as a countermeasure to the Trump administration’s reciprocal 34% tariffs on China, which are in addition to the 20% tariffs previously imposed on Chinese goods entering the United States.

Jung said the government is considering various measures to reduce South Korea’s trade surplus with the United States by importing more US goods, including liquefied natural gas. He added that the government will continue to raise the issue of the United States’ imposition of heavy tariffs on South Korea with Washington, which applies an average tariff rate of less than 1% on American imports under the bilateral free trade agreement that came into effect more than 12 years ago.

Amid speculation about the possibility of amending the South Korea-US FTA, Chung said the government is preparing for various scenarios, although the Trump administration has not yet mentioned any changes to the FTA, which was amended in 2018 at the request of the first Trump administration.

“I believe no other country has a closer relationship with the US Department of Commerce and the Office of the US Trade Representative than ours,” Chung said, pledging to make efforts to maximize South Korea’s national interests in tariff negotiations with it.