Jeong In-kyu, Deputy Minister of Trade, Industry and Energy, evaluated the decision by the Donald Trump administration in the U.S. to suspend mutual tariffs on major trading countries, including South Korea, for 90 days and to impose only a 10% basic tariff as "a positive measure that secures room for negotiation."
On the 9th (local time), Deputy Minister Jeong noted during a meeting with reporters at the South Korean embassy in Washington, D.C., that "this suspension measure is positive in that it provides a time buffer to minimize potential damage to our industry through negotiations with the United States."
However, he pointed out that the high 125% tariff imposed on China raises concerns about indirect damage, such as Chinese products that are blocked from exporting to the U.S. flooding into South Korea or third countries, and emphasized the need for a swift response.
Deputy Minister Jeong reported that he met with Jamieson Grier, the U.S. Trade Representative, the previous day to request "special treatment" regarding the 25% mutual tariffs imposed on South Korea and item-specific tariffs on steel and automobiles. That day, he also discussed support for Korean corporations and supply chain cooperation with William Kimmitt, the nominee for Deputy Secretary of Commerce for International Trade, and Jeffrey Kessler, Deputy Assistant Secretary for Industrial Security.
Deputy Minister Jeong stated, "The negotiation momentum has been created through the call between Acting President Han Duck-soo and President Trump," adding that "future negotiations will not be a one-shot deal, but rather a matter of ongoing dialogue and persuasion."
A senior government official explained, "Mutual tariffs are applied differently by country, and since South Korea has received a particularly high rate, we are prioritizing our response." While discussions took place on various topics including trade balance with the U.S. and shipbuilding and energy cooperation, it was reported that there was no concrete progress.
Meanwhile, the South Korean government drew the line on the possibility of retaliatory measures, stating, "Considering the alliance relationship and dependence on exports to the U.S., it is not yet the time to discuss retaliation."
As the U.S. side has indicated a willingness to broaden the scope of negotiations beyond purely trade issues to include economic security, the government expects that security-related matters such as export controls and investment reviews could be included in future discussions.
Deputy Minister Jeong emphasized, "We will adopt a careful strategy to maximize national interests while closely monitoring the negotiation progress of other countries."