South Korea urges the Trump administration to maintain “quiet and organized” trade talks “
South Korea told the Trump administration on Thursday that it wanted to keep the upcoming commercial talks calm, not a spiral of chaos.
During the “2+2” meetings held in Washington, DC, the South Korean Finance Minister Choi Sang Mock, the Minister of Trade Ann Dukgon with US Treasury Secretary Scott Payet and American Trade Representative Jameson Jarir. They are pushing strongly to obtain a deal by July 8, the day when the 90 -day tariff for Trump ends.
Choi told reporters after the meeting that the discussions will focus on four main areas: the measures of customs tariffs and non -fire, economic security, investment cooperation, and monetary policies.
He said that South Korea wants mutual benefits, not a one -sided deal, and warned against influencing if the definitions decrease. “South Korea is a reliable partner,” Choi He said. The country wants to be seen as stable and useful and not looking to start a battle on trade.
South Korea requires exemptions and plans linked to the construction of American ships
Meanwhile, Ahn put his proposals during the same Thursday meeting, and asked the United States to work with Korea to rebuild the American shipbuilding industry, which can be acquired by both countries.
The AHN also prompted more balanced trade, a more stringent energy security for Korea, and special exemptions for elements from the incoming definitions. The readings of the Ministry of Finance confirmed these details, and said that both sides agreed to continue the conversation, with more meetings on the road.
Now, Korea is not completely safe from Trump’s tariff. The country is still facing a 25 % tax on steel and aluminum exports to the United States, as well as another 25 % tariff hanging on Korean car imports, a major problem for companies such as Hyundai and Kia.
Both brands are in the first eight cars in the United States, based on data from CarPro. Korea is also the fourth largest steel in the United States in 2024, according to the International Trade Administration.
The Trump administration did not remove these specific definitions. Instead, it stopped the damage until July 8, giving countries like Korea a last shot to avoid more economic visits.
Meanwhile, a report on Thursday, issued by Anz, said that Korea may be able to secure a deal, but its internal policies may extend the schedule.
The note said: “Although South Korea has good possibilities to negotiate a trade agreement with the United States, the electoral calendar may extend the schedule of a comprehensive agreement.”
Korea is heading to the polls on June 3 to elect a new president, after Yun Suk Yol was expelled by the Constitutional Court on April 4 for a failed attempt in martial martial rulings.
The policies of the new president can transform how the next conversations rounds are going. All this depends on who wins and what gives him priority in terms of foreign trade and American relations. But Korea does not have the luxury of matter. The numbers do not look good at home.
The economy has decreased by 0.1 % year on an annual basis in the first quarter of 2025, the first time that this has happened since the end of 2020. Analysts expected growth by 0.1 %, based on a Reuters poll, but they have instead had a contraction.
Korea Bank blamed the construction sector, which collapsed by 12.4 % compared to the same time last year. On a quarterly basis, the economy decreased by 0.2 %, and fluctuated from an increase of 0.1 % at the end of 2024.
On April 17, Korea left interest rates without touched by 2.75 %, but warned that the country’s GDP growth in 2025 is likely to decrease to less than previous 1.5 % previous expectations in February. The Central Bank said that the request of consumers is decreasing and that exports are weakened by the long -term political uncertainty and bad trade conditions.
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