S. Korea Pursues "Mutually Beneficial" Trade Ties with U.S.

(MENAFN) South Korea is working to establish a "mutually beneficial" trade relationship with the United States, as it prepares for critical talks ahead of the expiration of a 90-day suspension on reciprocal tariffs, according to Trade Minister Yeo Han-koo, who spoke before departing for Washington on Friday. The news was reported by a local news agency.

This diplomatic effort comes as Seoul pushes for either a complete exemption or reduction in the US-imposed tariffs, particularly the 25% duties on steel, automobiles, and various other products.

"Based on the progress made in the consultations so far, we will do our utmost to ensure that Korean companies are not placed at a disadvantage compared to other countries," Yeo said at Incheon International Airport.

"We will use this tariff negotiation as an opportunity to establish a new framework for a mutually beneficial strategic partnership between South Korea and the US."

Yeo is scheduled to meet with US Trade Representative Jamieson Greer and other senior officials to expedite the ongoing negotiations. The discussions will address critical trade issues and explore potential collaborations aimed at supporting a "manufacturing renaissance" in the US, as stated by South Korea’s Trade Ministry.

The US has called for increased access to South Korea's agricultural, automotive, digital, and service sectors. Yeo confirmed to lawmakers earlier on Friday that Seoul would respond "flexibly" to these demands, considering both US requests and the domestic concerns within South Korea.

"Depending on the progress of the negotiations, we will also actively push for extending the suspension of US reciprocal tariffs, if needed," Yeo added.

In a separate development, South Korea's National Assembly approved a $23.3 billion supplementary budget, marking the first such bill passed under President Lee Jae Myung’s administration. The measure was passed in a 168-3 vote, with only lawmakers from the ruling Democratic Party and minor parties participating, while the main opposition People Power Party (PPP) boycotted the session.

This legislative action follows President Lee's earlier announcement of a debt relief initiative aimed at assisting approximately 1.23 million small business owners who collectively owe around $16.3 billion.
 

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