South Korea presses Trump administration to eliminate additional tariffs

ISTANBUL

South Korea on Friday once again pressured US President Donald Trump’s administration to eliminate the additional tariffs on the East Asian nation.

Seoul has been seeking a reduction or full exemption from the 25% reciprocal levy, which has been suspended with a base 10% duty in place for 90 days, among other tariffs.

Seoul's Industry Minister Ahn Duk-geun met with US Trade Representative Jamieson Greer in Seoul on the sidelines of the trade ministers' meeting of the Asia-Pacific Economic Cooperation (APEC) members, according to the Seoul-based Yonhap News.

"In Friday's meeting, we tried to raise awareness that South Korea has a bilateral free trade agreement (FTA) with the US, unlike some other countries, and has expanded trade and investment with the US under the FTA," Ahn said, adding that Seoul has "also explained that US tariffs on automobile and steel imports have a huge impact on trade relations between the two countries."

Two sides will hold the second round of the technical discussions on six trade areas in Washington, which will possibly be followed by additional high-level talks in mid-June, said Ahn. The six areas include trade imbalances, non-tariff measures, economic security, country of origin of products, and commercial considerations.

South Korea held high-level talks last month in Washington, where it was agreed a "package" deal on tariffs and economic cooperation issues would be pursued by July 8.

Seoul is "doing its best" to meet the July 8 deadline, said Ahn.

However, he acknowledged the possibility of a delay due to the political turbulence in the country following the official removal of former President Yoon Suk Yeol from office, which triggered a snap presidential election on June 3.

"The US understands we are not trying to unnecessarily delay our negotiations by using the domestic political situation as an excuse,” said Ahn.