South Korea Says Tariff Discussions with U.S. Making Headway

(MENAFN) South Korea's top government official revealed Monday that bilateral discussions with Washington over trade levies are advancing positively, citing recent high-level communications with American leadership, according to domestic news outlets.

Prime Minister Kim Min-seok's statement follows mounting criticism of Seoul's alleged unpreparedness after U.S. President Donald Trump recently announced plans to escalate tariffs on South Korean goods from 15% to 25%, a news agency based in Seoul reported.

"It's not just the hotline that's in operation, but various existing channels of contact, including the hotline with Vice President Vance, were all put into operation, and through a process of learning each other's true intentions, it is progressing into what we see now," Kim told reporters at his official residence.

Trump's unexpected social media declaration triggered an emergency response from senior South Korean trade negotiators, who traveled urgently to Washington for direct talks with U.S. officials to address confusion surrounding the tariff escalation.

"This issue was about President Trump's unique messaging method," he said.

The Prime Minister also dismissed speculation linking Trump's tariff warning to South Korea's ongoing probe into a security incident involving Coupang, the U.S.-listed e-commerce platform.

"That interpretation is completely different from the truth," he said.

Meanwhile, South Korean financial markets experienced severe turbulence Monday, with equities plummeting over 5%.

The Korean won weakened sharply versus the U.S. dollar while the benchmark Korea Composite Stock Price Index crashed 274.69 points to settle at 4,949.67.

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