S. Korea to expedite trade negotiations with US: new trade minister
South Korea will expedite the ongoing trade negotiations with the United States with the new government in place, the new trade minister said Thursday, as Seoul has less than a month to make a deal with Washington before the temporary pause of US reciprocal tariffs ends.
"As the country now has a new government that has democratic legitimacy and a clear mandate, we will expedite the 'shuttle negotiations' with the US at a trade minister's level," Yeo Han-koo, South Korea's new trade minister, said in his inauguration address.
"Through this process, the government will create a new structural framework for mutually beneficial Korea-US cooperation in industry, trade and investment over the next five years."
Yeo added he will work to achieve a "pragmatic" and "national interest-oriented" outcome in trade talks with the US with an aim to expand cooperation between the two countries in advanced technologies, such as artificial intelligence (AI) and digital, boost the global competitiveness of Korean industries and foster new growth engines for the economy.
The trade ministry will first establish an all-out response system for trade negotiations with the US, expanding the existing task force on the matter to comprehensively cover trade, industry and energy issues, he explained.
"In addition, the chief of the working-level representatives on our side will be elevated from the current director level to the first-class senior level," he noted.
"As much as South Korea needs the United States, the United States also needs Korea."
South Korea has been engaging in trade negotiations with the US on tariffs, non-tariff measures and other issues, with the two sides having agreed to craft a package deal by July 8 -- when US President Donald Trump's administration's suspension of "reciprocal" tariffs will end.
The Trump administration slapped South Korea with 25 percent reciprocal tariffs in early April, raising issues with Seoul's big trade surplus with Washington and non-tariff barriers, such as an import ban on American beef from cattle aged 30 months or older and restrictions on the overseas transfer of the country's high-precision map data. (Yonhap)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
17 hours ago
- Korea Herald
President Lee to post social media messages in both Korean, foreign languages to 'show respect'
President Lee Jae Myung will post diplomatic messages on social media in both Korean and the language of his counterpart, his office said Saturday. Before traveling to Canada for the Group of Seven summit in Canada earlier this week, Lee had ordered his staff to write social media posts in both Korean and foreign languages to "show our diplomatic respect and willingness to communicate," according to the office. Lee had also told his staff that his messages must reach South Korean residents living abroad and local citizens of those counterpart countries, his office said. On Lee's X page, an update on his summit with Japanese Prime Minister Shigeru Ishiba was written in both Korean and Japanese on Wednesday. On the same day, an X post detailing Lee's meeting with Canadian Prime Minister Mark Carney was uploaded in Korean and English. And a summary of Lee's talks with Mexican President Claudia Sheinbaum was provided in Korean and Spanish. The presidential office said Lee's social media posts will continue to be provided in multiple languages when detailing his overseas trips and meetings with other heads of state. "This will not be a temporary measure for only certain countries. It's part of the president's digital diplomatic strategy based on his philosophy on government administration," it said. "We hope his social media messages will help create a bond between peoples of different countries and serve as the starting point of diplomacy based on mutual respect." (Yonhap)
Korea Herald
a day ago
- Korea Herald
S. Korean, US diplomats agree on efforts for bilateral alliance, trilateral cooperation with Japan
Senior diplomats of South Korea and the United States agreed Friday to work together to strengthen their countries' alliance and trilateral cooperation with Japan during their talks in Washington, according to the South Korean Embassy in the US capital. South Korean Ambassador to the US Cho Hyun-dong met with new Under Secretary of State for Political Affairs Allison Hooker at the State Department to discuss the bilateral alliance and a range of regional and global issues, the embassy said. Confirmed by the Senate earlier this month, Hooker is noted for her longtime experience in diplomacy with North Korea, including preparations for US President Donald Trump's summits with North Korean leader Kim Jong-un during his first term. "Sharing the understanding on the importance of close cooperation between South Korea and the US over North Korean issues, and of comprehensive bilateral cooperation, the two sides agreed to continue efforts to strengthen the Seoul-Washington alliance and enhance trilateral cooperation with Japan," the embassy wrote on Facebook. Cho described Hooker as a longtime expert on issues related to the Korean Peninsula and the alliance. "(Cho) asked Under Secretary Hooker -- a longtime friend of South Korea and strong backer of the South Korea-US alliance -- to continue to support efforts for the development of bilateral relations," it said The two sides agreed to closely cooperate to respond effectively to an array of global challenges, as they discussed the Israel-Iran conflict and Ukrainian issues, as well as challenges in the Indo-Pacific. Hooker previously served as senior director for Asian affairs at the National Security Council. She was deeply involved in preparations for Trump's summits with Kim in Singapore in June 2018, Hanoi in February 2019 and the inter-Korean border village of Panmunjom in June 2019. From 2001-2014, Hooker served as a senior analyst for North Korea in the Department of State's Bureau of Intelligence and Research. She was also selected as the 2013-2014 Council on Foreign Relations International Affairs fellow in South Korea. (Yonhap)
Korea Herald
a day ago
- Korea Herald
US may target Samsung, Hynix, TSMC operations in China, sources say
The US Department of Commerce is considering revoking authorizations granted in recent years to global chipmakers Samsung, SK Hynix and TSMC, making it more difficult for them to receive US goods and technology at their plants in China, according to people familiar with the matter. The chances of the United States withdrawing the authorizations are unclear. But with such a move, it would be harder for foreign chipmakers to operate in China, where they produce semiconductors used in a wide range of industries. A White House official said the US was "just laying the groundwork" in case the truce reached between the two countries fell apart. But the official expressed confidence that the trade agreement would go forward and that rare earths would flow from China, as agreed. "There is currently no intention of deploying this tactic," the official said. "It's another tool we want in our toolbox in case either this agreement falls through or any other catalyst throws a wrench in bilateral relations." Shares of US chip equipment makers that supply plants in China fell when the Wall Street Journal first reported the news earlier on Friday. KLA Corp dropped 2.4 percent, Lam Research fell 1.9 percent and Applied Materials sank 2 percent. Shares of Micron, a major competitor to Samsung and SK Hynix in the memory chip sector, rose 1.5 percent. A TSMC spokesman declined comment. Samsung and Hynix did not immediately respond to requests for comment. Lam Research, KLA and Applied Materials did not immediately respond, either. In October 2022, after the United States placed sweeping restrictions on US chipmaking equipment to China, it gave foreign manufacturers like Samsung and Hynix letters authorizing them to receive goods. In 2023 and 2024, the companies received what is known as Validated End User status in order to continue the trade. A company with VEU status is able to receive designated goods from a US company without the supplier obtaining multiple export licenses to ship to them. VEU status enables entities to receive US-controlled products and technologies "more easily, quickly and reliably," as the Commerce Department website puts it. The VEU authorizations come with conditions, a person familiar with the matter said, including prohibitions on certain equipment and reporting requirements. 'Chipmakers will still be able to operate in China," a Commerce Department spokesperson said in a statement when asked about the possible revocations. "The new enforcement mechanisms on chips mirror licensing requirements that apply to other semiconductor companies that export to China and ensure the United States has an equal and reciprocal process.' Industry sources said that if it became more difficult for US semiconductor equipment companies to ship to foreign multinationals, it would only help domestic Chinese competitors.
