Will South Korean and US Trade Chiefs Reach an Agreement on Tariffs?
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Synopsis
In a pivotal moment for international trade, South Korea's trade chief Ahn Duk-geun is set to meet with US Trade Representative Jamieson Greer in Jeju. Their discussions will focus on tariffs and economic cooperation, following a previous agreement to seek a comprehensive deal by July. Stay tuned for insights on this critical meeting!
Key Takeaways
- Ahn Duk-geun is meeting with Jamieson Greer in Jeju.
- Focus on tariffs and economic cooperation.
- Agreement deadline set for July 8.
- Bilateral cooperation in shipbuilding is a key agenda.
- Ongoing negotiations reflect strong trade ties.
Seoul, May 16 (NationPress) South Korea's trade chief Ahn Duk-geun is scheduled to engage in discussions with U.S. Trade Representative (USTR) Jamieson Greer on Friday, coinciding with a meeting of trade ministers from the Asia-Pacific Economic Cooperation (APEC) member economies, as announced by officials.
The discussions will take place on South Korea's picturesque southern island of Jeju, roughly three weeks after their previous meeting in Washington for high-level trade talks. During that meeting, both parties reached a consensus to aim for a “package” deal concerning U.S. tariffs and economic collaboration by July 8.
Greer is attending the APEC Ministers Responsible for Trade meeting in Jeju, which is expected to conclude its two-day session later today, as reported by the Yonhap news agency.
In the forthcoming talks, Ahn is anticipated to deliberate on the follow-up actions stemming from the Washington agreement, with the hope of forming a more comprehensive framework for ongoing trade negotiations with the administration of U.S. President Donald Trump.
Last month, Seoul and Washington agreed to concentrate their discussions on four main areas: tariff and non-tariff measures, economic security, investment cooperation, and currency policies.
South Korea is actively pursuing a reduction or exemption from U.S. tariffs, including the 25 percent reciprocal duties, which have currently been suspended for 90 days.
On Thursday, Greer also met with South Korean Trade Minister Cheong In-kyo to address outstanding trade concerns and review the progress of Washington's trade dialogues with other nations, according to Cheong's office.
Earlier that day, Greer engaged with executives from HD Hyundai Heavy Industries Co. in Jeju to discuss bilateral cooperation within the shipbuilding sector.
Shipbuilding is a crucial topic in the Seoul-Washington trade negotiations, particularly as the Trump administration seeks to rejuvenate America's shipbuilding industry. South Korea stands as a global leader in this essential sector.
Last month, U.S. Secretary of the Navy John Phelan visited South Korea to tour the headquarters of HD Hyundai Heavy Industries in Ulsan as well as Hanwha Ocean's shipyard in Geoje.
In an exclusive written interview with Yonhap News Agency following his visit, Phelan expressed that the U.S. Navy welcomes further collaboration with South Korean shipyards as part of a wider initiative to revitalize America's maritime industrial base.
Point of View
The ongoing discussions between South Korea and the U.S. on tariffs reflect a critical moment in international trade relations. As both nations seek to enhance economic cooperation, it is essential that they reach a fair and mutual agreement that benefits both economies, particularly in key sectors like shipbuilding.
NationPress
02/06/2025
Frequently Asked Questions
What is the main focus of the talks between South Korea and the US?
The primary focus of the discussions is on tariffs and economic cooperation, specifically aiming for a comprehensive agreement by July 8.
Where will the talks take place?
The talks will be held on South Korea's southern island of Jeju during the APEC trade ministers' meeting.
What topics are included in the trade discussions?
The discussions will cover tariff and non-tariff measures, economic security, investment cooperation, and currency policies.
