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South Korean Trade Negotiators Meet with U.S. Commerce Secretary Lutnick
WASHINGTON, D.C., UNITED STATES, JUL 25 – South Korea and the U.S. are negotiating tariff reductions and manufacturing cooperation to avoid 25% reciprocal tariffs set for August 1, with $114 billion Korean investments in the U.S. at stake.
- Industry Minister Kim Jeong-Gwan and Trade Minister Yeo Han-koo met U.S. Commerce Secretary Howard Lutnick in Washington, D.C., and Kim strongly called for a reduction of the reciprocal tariff rate.
- Earlier this month, U.S. President Donald Trump announced a 25% tariff on goods from South Korea, set to take effect on Aug. 1, risking over 40% of South Korea’s GDP in exports.
- The proposed 50% tariff on copper and 93.5% anti-dumping duty on graphite will raise costs and cool demand, impacting Hyundai’s $12.6 billion investment in Georgia.
- Both sides agreed to strengthen manufacturing cooperation and continue discussions, with the Ministry of Trade, Industry and Energy said they reaffirmed the commitment to a 'mutually beneficial' trade deal before Aug. 1 and plan an additional negotiation round.
- Yeo Han-koo plans meetings with U.S. Trade Representative Jamieson Greer and Texas Governor Greg Abbott, as the '2+2' talks were called off due to Scott Bessent's scheduling conflict.
19 Articles
19 Articles
Trump Administration Abruptly Cancels South Korea Trade Talks
The government of South Korea confirmed on Friday that officials in the administration of President Donald Trump canceled talks scheduled for Friday intended to negotiate a new bilateral trade agreement, hours before Finance Minister Koo Yun-Cheol was set to board a plane to Washington. The post Trump Administration Abruptly Cancels South Korea Trade Talks appeared first on Breitbart.
South Korea Races Against Time for U.S. Trade Deal Amid Japanese Competition
South Korea Races Against Time for U.S. Trade Deal Amid Japanese Competition South Korea's Industry Minister Kim Jung-kwan engaged in crucial talks with U.S. Commerce Secretary Howard Lutnick to forge a trade deal before the August 1 deadline, the nation's industry ministry announced. Discussions centered on reducing U.S. tariffs against South Korea through enhanced collaboration between the two countries' manufacturing sectors.Intensifying nego…
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