SEOUL, April 25 (AJP) - South Korea and the United States have agreed to hold negotiations aimed at eliminating mutual tariffs and item-specific duties before a July 8 deadline, South Korean officials said Friday, following high-level trade talks in Washington.
The talks come ahead of the expiration of a 90-day mutual tariff suspension instituted under U.S. President Donald Trump. The two nations now hope to forge a comprehensive agreement — referred to by South Korean officials as a “July package” — that would permanently eliminate the tariffs.
Speaking at the South Korean Embassy following a “2+2 high-level trade consultation,” South Korea’s Deputy Prime Minister and Finance Minister, Choi Sang-mok, said the two countries had reached a “consensus” to focus negotiations on four priority areas: tariffs and non-tariff measures, economic security, investment cooperation, and currency policy.
Trade Minister Ahn Duk-geun, who met separately with U.S. Trade Representative Jamieson Greer, said he again called for exemptions from all mutual tariffs and other related duties.
Additional talks between Ahn and Greer are expected to take place in Seoul on the sidelines of the Asia-Pacific Economic Cooperation (APEC) trade ministers’ meeting, scheduled for May 15–16.
Among the issues discussed, the automotive and shipbuilding sectors took center stage.
“We focused our explanation particularly on the automotive sector, which would have the most negative effects on our economy,” Choi said. Ahn noted that there was “considerable consensus” on future cooperation in shipbuilding.
U.S. Treasury Secretary Scott Bessent, offering a more accelerated timeline, suggested an agreement could come sooner than expected.
“We had a very successful bilateral meeting with Korea today,” Bessent told reporters at the White House. “We can move faster than I thought. We will discuss technical conditions as early as next week, and could reach an ‘agreement on understanding’ during next week.”
“The Koreans came early,” he added. “They brought their A game, and we will see if they deliver.”
reporter
Candice Kim
candicekim1121@ajupress.com
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