South Korea to prioritize lowering tariffs rates in U.S. negotiations: officials
South Korea will prioritize efforts to lower tariff rates in upcoming negotiations with the United States, a senior official said Wednesday, as Washington prepares to slap a 25 percent levy on imports from Seoul, Yonhap reports.
The remarks came after acting President Han Duck-soo's first phone call with U.S. President Donald Trump on Tuesday, during which they discussed a wide range of issues, including tariffs, shipbuilding and potential energy deals, security and North Korea.
"As high-level talks have taken place, we will now prepare concrete proposals and begin negotiations on individual issues with relevant trade authorities," the official from the Prime Minister's Office told reporters. "Our foremost goal is to adjust (U.S.) tariff rates."
South Korea's trade minister is traveling to Washington to meet U.S. Trade Representative Jamieson Greer for tariff negotiations.
Trump described the call with Han as "great," saying the two leaders touched on several key topics, including trade, the purchase of liquefied natural gas, a pipeline project in Alaska, shipbuilding cooperation and defense cost-sharing for the U.S. Forces Korea.
Trump said the discussions were not limited to trade and tariffs, characterizing the conversation as an efficient "one-stop shopping" approach.
On security, Han and Trump shared a consensus on North Korea's "complete denuclearization," the official said.
Earlier, it was reported that JPMorgan has warned of global recession risk amid new U.S. tariffs.