Yeo Han-koo, the Deputy Minister of the Ministry of Trade, Industry and Energy, takes a commemorative photo before a meeting with Doug Burgum, the Chairperson of the White House National Energy Council and Minister of the Interior, at the White House in Washington D.C. on the 27th (local time). /Courtesy of Ministry of Trade, Industry and Energy

Yeo Han-koo, head of trade negotiations at the Ministry of Trade, Industry and Energy, who visited the United States for trade negotiations with the Donald Trump administration, said on the 27th (local time), “The new government considers the Korea-U.S. negotiations as one of its top priorities,” and added, “This negotiation will not just be a simple tariff negotiation but an opportunity to establish a new framework for future Korea-U.S. cooperation, which we are calling the 'Manufacturing Renaissance Partnership.'

The United States has hinted at the possibility of deferring the reciprocal tariff announced on April 2 until July 8 and is currently engaging in trade negotiations with several countries, including South Korea.

During a meeting with reporters at the South Korean embassy in Washington on the same day, Yeo noted, “Although the Korea-U.S. negotiations have been delayed due to domestic political situations, we plan to negotiate to derive mutually beneficial agreements from a practical and national interest-maximizing perspective, and I will do my best.”

However, a senior government official stated regarding the possibility of extending the reciprocal tariff deferral, “It’s not a situation to be reassured about. We need to recognize that the situation is still serious and do our best with a sense of urgency.” The Trump administration is reviewing the plan to extend the deadline for deferring the reciprocal tariff until July 8, but this official assessed that it cannot be guaranteed whether the South Korean government will be included.

Yeo visited Washington, D.C. on the 22nd for the first high-level Korea-U.S. trade negotiation since the inauguration of President Lee Jae-myung. He met with U.S. government officials, including Secretary of Commerce Howard Lutnick, United States Trade Representative (USTR) Jamieson Greer, and Doug Burgum, Chair of the National Energy Council and Secretary of the Interior, as well as major congressional figures, including House Speaker Mike Johnson, House Ways and Means Committee Chairman Jason Smith, and Senator Todd Young, to discuss key trade issues including tariffs.

Yeo stated, “I will negotiate vigorously with the U.S. side to turn the current crisis into an opportunity so that the momentum of cooperation built by both Korea and the U.S. does not weaken due to the U.S. tariff measures.” He added, “In particular, I have emphasized several times that Korea and the U.S. can build a mutually beneficial partnership in various manufacturing sectors such as artificial intelligence (AI), semiconductors, biotechnology, electric vehicles, batteries, shipbuilding, defense, and nuclear power, and I received very active responses from the U.S. side.”

The South Korean delegation, led by Trade and Investment Bureau Chief Park Jeong-sung, also included officials from relevant ministries. It is reported that the Korea-U.S. delegations discussed specific issues that were clarified in the previously held 1st and 2nd working negotiations. The Korean delegation is currently negotiating a plan to eliminate or reduce to the greatest extent tariffs on items, including the 25% reciprocal tariff and tariffs on automobiles and steel, as previously indicated by the Trump administration.

Scott Bessent, the U.S. Treasury Secretary, stated in a foreign media interview that trade negotiations could be completed by September 1. He hinted that agreements are close with more than 10 of the 18 major trading countries. However, President Trump stated during an afternoon White House press conference regarding the deferral measures, “We may extend or we may not,” indicating that he would notify trade partners of the reciprocal tariff rates.