A team from South Korea’s Industry Ministry will leave for Washington on Wednesday, aiming for potential trade deals and to slow the impact of tariffs on Korean firms. The delegation plans “technical discussions” with staff at the office of the United States Trade Representative. Their goal is to win exemptions, or at least softer terms, for automobiles, steel, and other goods before the Trump administration’s tariffs resume on 8 July after a temporary pause. Rates of up to 25% were announced in March and are to apply unless exceptions are granted. Last week, Industry Minister Ahn Duk-geun and Finance Minister Choi Sang-mok visited the U.S. capital, where the two allies agreed to draw up a package that could remove the planned duties. Wednesday’s trip is meant to carry that work forward. Negotiations between South Korea and the U.S. have not begun yet Officials in Seoul stress negotiations have not yet begun. Instead, both sides are laying the groundwork for future talks, likely to stretch beyond South Korea’s 3 June presidential election and the seating of a new government. Domestic politics are a factor in Washington. U.S. Treasury Secretary Scott Bessent told reporters on Tuesday that some partners are “much more keen to come to the table, get this done, and then go home and campaign on it.” Asked whether the remark pointed at Seoul, Choi replied that progress is “moving very slowly” and said Bessent’s words were not aimed at South Korea. Seoul has asked for exemptions on cars, steel and several other items and has offered cooperation on shipbuilding, energy projects and the reduction of trade imbalances. The ministry’s submission lists electric vehicles, steel sheets, ship components and consumer electronics among the goods it wants spared. Vice Industry Minister Park Sung-taek told parliament this week that U.S. red tape blocks shipbuilding discussions. He pointed to the Jones Act, which requires vessels carrying goods between U.S. ports to be built domestically, and said the rule must be eased before discussions can move forward. “So we are conveying this to the U.S. and expect to discuss them going forward,” Park said. Separately, South Korea is in talks with Alaska over a USD $44 billion liquefied natural gas project that Washington hopes to finance with funds from South Korea and Japan. The two countries plan to review what Washington calls non-tariff barriers, including currency practices and regulations affecting automobiles, rice and beef imports over the coming months. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
