South Korea asks for reduced U.S. tariffs in meeting with Lutnick
South Korea's top trade official has asked the U.S. Donald Trump administration to lower its sectoral tariffs on automobiles, steel and other items for Korean companies in a meeting with U.S. Commerce Secretary Howard Lutnick in Washington, Seoul's trade ministry said Tuesday, Yonhap reports.
Trade Minister Yeo Han-koo met with Lutnick in Washington on Monday (U.S. time) to discuss a wide range of trade issues between the two countries, including tariffs and industrial cooperation, according to the Ministry of Trade, Industry and Energy.
In the meeting, Yeo highlighted Seoul's commitment to advancing manufacturing partnership with the United States, calling on the Trump administration to give "favorable treatment" to Korean companies when imposing tariffs on imported cars, steel and other products, the ministry said.
South Korea is a "long-time and credible ally" of the U.S. and the best partner for manufacturing cooperation, Yeo said, noting bilateral collaboration can be an effective way to achieve "balanced trade" between the two countries.
Over the weekend, Yeo also met with U.S. Trade Representative Jamieson Greer and proposed measures to establish a "mutually beneficial" manufacturing cooperation framework between the two countries.
In a press release, Yeo said it is time for Seoul to find a "landing zone" in trade consultations with the U.S., vowing to speed up trade talks to find a mutually beneficial solution for both sides.
Yeo plans to hold an additional meeting with Lutnick on Wednesday, according to the ministry.
South Korea has now three weeks to conclude trade negotiations with the U.S. as Trump decided to extend the pause on reciprocal tariffs for his country's major trading partners, initially set to expire Tuesday, to Aug. 1, to allow for further trade negotiations.
Seoul has been seeking full exemption from or reduction of 25 percent U.S. reciprocal tariffs and sectoral duties on imported cars, steel and other products by crafting a package deal on tariffs, non-tariff measures, industrial cooperation and other trade issues.
Meanwhile, Seoul's industry ministry held an emergency meeting with officials from the automobile, steel, battery and bio industries to discuss its negotiation strategy and support measures for Korean companies already hit or expected to be affected by U.S. tariffs.
As reported previously, U.S. President Donald Trump has posted a letter addressed to President of Kazakhstan Kassym-Jomart Tokayev on his Truth Social platform on imposing 25% tariffs on all Kazakh products.
