Reuters: South Korean Trade Minister May Seek Extension of US Tariff Freeze
Reuters, July 4. According to a report, South Korean Trade Minister Yoo Hyun-kyung said on Friday that he may request an extension of the upcoming tariff freeze during talks with US officials. Yoo will fly to Washington on Friday and is scheduled to hold talks with senior officials such as US Trade Representative Jamie I. Grier on Saturday. The deadline for possible significant increases in US tariffs on South Korean goods is July 9. South Korea is seeking exemptions from high tariffs on automobiles and steel products, as well as the currently suspended 25% "reciprocal" tariffs. The South Korean government had previously agreed to reach a trade agreement to reduce tariffs by July, but negotiations have progressed slowly, partly due to political uncertainty following the election of former President Lee Jae-myung. Yoo stated at a parliamentary hearing that the US has demanded further opening of the agricultural and automotive markets in South Korea, non-discriminatory treatment in the digital sector, and increased investment and energy procurement by South Korean companies in the US. Although South Korea is interested in the $4.4 billion liquefied natural gas project in Alaska, Yoo said its feasibility is still unclear. South Korean lawmakers have called on the government to carefully assess the project, and opposition lawmaker Lee Jea-gyu said, "Once you choose the wrong direction, it's hard to pull back." In addition, US President Trump announced that tariffs on imports from Vietnam would be reduced from 46% to 20%, which may affect the manufacturing bases of South Korean companies like Samsung Electronics in Vietnam.
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