South Korea eyes tariff deal with US as Trade Minister Yeo Han-koo prepares for a key visit. He will travel to Washington from June 22 to June 27. The trade ministry announced the visit on Saturday. During the trip, Yeo will meet US Trade Representative Jamieson Greer. The two sides will also hold a third round of bilateral technical discussions.
The ministry declined to reveal more about the upcoming meetings. However, officials confirmed they aim to build on April’s initial trade talks. South Korea eyes tariff deal with US to ease the impact of current trade barriers. The two countries agreed in April to draft a deal by July 8. That deal would reduce tariffs that have strained South Korean exports.
South Korea currently faces a challenging trade environment. A 10 percent blanket tariff and a 25 percent country-specific duty remain in place. The US has temporarily paused these tariffs for 90 days. This short-term relief offers South Korean industries some breathing room. But a lasting solution still seems distant.
Experts remain cautious about the prospects for a comprehensive agreement. Heo Yoon, an economics professor at Sogang University, weighed in on the talks. He said, “Since a summit has not yet happened and key ministers remain unappointed, talks may stay limited.” According to Heo, negotiations will likely avoid sensitive issues. These include defense costs and currency exchange rates.
The domestic scene adds further complexity. South Korea’s economy unexpectedly shrank in the first quarter. Analysts partly blame sweeping US tariffs for this downturn. Domestic unrest following ex-President Yoon Suk Yeol’s martial law decree also played a role. Despite these hurdles, South Korea eyes tariff deal with US as an urgent priority.
