Synopsis
On April 16, South Korea's trade minister announced plans to enhance cooperation with the US in shipbuilding and energy sectors, prior to tariff negotiations. This collaboration may serve as leverage in discussions regarding US import tariffs, particularly linked to a significant LNG project in Alaska.Key Takeaways
- South Korea aims to enhance cooperation with the US in shipbuilding and energy.
- US President Trump highlighted Seoul's interest in a multi-billion dollar LNG project.
- Trade Minister Cheong In-kyo emphasizes the importance of national interests in tariff negotiations.
- The US has suspended a 25% tariff on South Korea for 90 days.
- Trade talks between South Korea and the US are expected next week.
Seoul, April 16 (NationPress) South Korea is set to enhance its collaboration with the United States in the shipbuilding and energy sectors, as stated by the trade minister on Wednesday, prior to forthcoming discussions regarding US import tariffs.
The government previously indicated that such collaboration could act as a leverage point in tariff discussions, especially after US President Donald Trump brought attention to Seoul's interest in a multi-billion dollar liquefied natural gas (LNG) initiative in Alaska, according to reports from Yonhap.
"The government will dedicate its full efforts to maximize the 90-day grace period by refining our approach for (tariff) negotiations with the goal of safeguarding our national interests," stated Trade Minister Cheong In-kyo during a meeting with the trade policy advisory committee.
"We will strengthen economic partnership between both nations in shipbuilding, energy, and other mutually beneficial sectors," he emphasized, noting that the US remains South Korea's "most significant" ally.
The Trump administration recently enacted a country-specific reciprocal tariff policy, imposing a 25 percent duty on South Korea, only to have it suspended for 90 days shortly thereafter.
Since then, Washington has announced it will engage in trade talks with major economic partners. Discussions between South Korea and the US are anticipated to occur next week.
