Synopsis
South Korea's industry minister, Ahn Duk-geun, is optimistic about finding a 'constructive' and 'win-win' solution with the U.S. amid concerns over Trump's reciprocal tariffs on imports, signaling a commitment to protect South Korean businesses and deepen bilateral partnerships in key industries.Key Takeaways
- South Korea's industry minister expresses optimism for a constructive alternative.
- Discussions focus on U.S. tariff plans and bilateral cooperation.
- Concerns arise over proposed 25% tariffs on steel and aluminum imports.
- Ahn emphasizes the importance of the Korea-U.S. free trade agreement.
- Plans include creating a new industrial cooperation platform.
Washington, Feb 27 (NationPress) South Korea's industry minister voiced optimism that Seoul and Washington can discover a constructive and win-win solution as the Donald Trump administration seeks to implement reciprocal tariffs on U.S. imports to counteract the tariffs imposed by other nations on American products.
Industry Minister Ahn Duk-geun made these comments upon his arrival in the United States for discussions with U.S. Commerce Secretary Howard Lutnick regarding U.S. plans for tariffs and collaboration in the shipbuilding industry, advanced sectors, energy, and other vital areas, as reported by Yonhap news agency.
This visit marks the first trip to Washington by a South Korean ministerial official since President Donald Trump took office last month. It occurs amidst worries regarding Trump's intention to impose a 25 percent tariff on all steel and aluminum imports, introduce reciprocal tariffs, and potentially set new tariffs on automobiles, semiconductors, and pharmaceuticals.
“As we engage in specific consultations with the U.S., I am confident we can eliminate various misunderstandings and develop a constructive alternative,” he stated to journalists at Dulles International Airport near Washington.
“Our nation generally benefits from the Korea-U.S. free trade agreement (FTA), and most issues, including non-tariff barriers, have been resolved through prior FTA renegotiations,” he continued.
The minister addressed the Trump administration's announcement that it will tailor reciprocal tariffs based on trading partners' tariffs, non-tariff barriers, exchange rate strategies, and other factors, including perceived unfair, discriminatory, or extraterritorial taxes, such as value-added tax.
Ahn emphasized that his visit aims to discover the best options to safeguard South Korean businesses while enhancing the bilateral relationship in critical industrial sectors.
“I feel a profound sense of duty as (Trump's tariff policy) significantly impacts national interests, which are of great concern to South Korean industries,” he remarked.
“Similar to our experience with the Inflation Reduction Act, I believe we can develop a constructive, win-win alternative through consultations with the U.S. government moving forward.”
He indicated that his negotiations with the U.S. would not be the final discussions.
“By creating opportunities for future talks, I am committed to collaborating with the U.S. to establish an industrial ecosystem in the advanced technology sector and foster mutual growth for both nations' industries by strengthening our bilateral partnership,” he asserted.
The minister also mentioned that the agenda for his discussions with Lutnick includes plans to create a new industrial cooperation platform between the two countries.
