S. Korea Stays Committed to U.S. Trade Deal Despite Trump Tariffs

(MENAFN) South Korea has pledged to honor its trade commitments with Washington and maintain composure following President Donald Trump's threat to escalate tariffs, the presidential office announced Tuesday.

In a briefing, presidential spokesperson Kang Yu-jung revealed that an emergency session on trade matters with the United States convened at the presidential office—commonly known as the Blue House—to evaluate Trump's tariff announcement and formulate strategic countermeasures.

On his social media platform Monday, Trump declared his intention to raise South Korean tariffs on automobiles, lumber, pharmaceuticals, and other goods subject to reciprocal duties from 15 percent to 25 percent. The president accused South Korea's legislature of failing to ratify a bilateral trade deal with the United States.

Kang emphasized that Seoul intends to communicate its dedication to executing the South Korea-U.S. trade agreement with American officials while maintaining a measured stance, noting that the proposed tariff escalation requires U.S. administrative procedures before implementation.

This suggests South Korea will adopt a calculated strategy by thoroughly examining Trump's actual objectives and the context of his statements, recognizing that his social media declarations don't trigger immediate tariff increases.

Minister of Trade, Industry and Resources Kim Jung-kwan, currently in Canada as part of Seoul's special delegation for strategic economic partnership, participated in the Blue House meeting remotely via telephone.

Following his Canadian engagements, Kim will travel to the United States to address the tariff situation with U.S. Commerce Secretary Howard Lutnick, the presidential office confirmed.

Yonhap News Agency documented that a joint fact sheet issued after a South Korea-U.S. summit in Gyeongju last October outlined the United States agreeing to reduce tariffs on South Korean goods, including automobiles, contingent on South Korea committing 350 billion U.S. dollars in American investments.

Both nations subsequently executed a joint memorandum on Nov. 14, establishing that tariff reductions would apply retroactively from the first day of the month when relevant legislation reached the South Korean parliament to enact the agreement.

South Korea's ruling Democratic Party introduced a special bill on U.S. investment to the National Assembly on Nov. 26, after which the United States retroactively reduced tariffs on South Korean automobiles to 15 percent on Dec. 4.

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