Seoul's new trade minister to visit Washington for tariff negotiations
South Korea's new top trade negotiator will visit the United States for tariff negotiations next week amid the looming deadline of July 8, his agency said Saturday, Yonhap reports.
Yeo Han-koo will head for Washington on Sunday for tariff talks with U.S. Trade Representative (USTR) chief Jamieson Greer and other senior officials, according to the Ministry of Trade.
Yeo was appointed the trade minister under the Lee Jae Myung government June 10.
In May, Seoul and Washington agreed to focus their talks on four categories -- tariff and non-tariff measures, economic security, investment cooperation and currency policies.
Earlier, Yeo said he would craft measures that can ensure a "win-win" agreement for both countries, noting the allies are expected to hold "intense" negotiations in the coming weeks.
South Korea and the U.S. have agreed to come up with a package deal covering tariffs, non-tariff measures, economic cooperation and other trade issues by July 8 -- when the Donald Trump administration's suspension of reciprocal tariffs, including a 25 percent duty for South Korea, will end.
The Trump administration has raised issues with South Korea's big trade surplus with the U.S. and various non-tariff trade barriers.
Earlier this year, the U.S. Trade Representative (USTR) issued an annual report on foreign trade barriers, citing a wide range of Korea's non-tariff measures, such as its import ban on American beef from cattle aged 30 months or older, emission-related regulations on imported cars and restrictions on overseas transfers of high-precision map data.
To note, S. Korea's economy shrinks 0.2 pct in Q1 amid political chaos, U.S. tariffs.