With the election of Lee Jae-myung of the Democratic Party of Korea as the 21st president, the baton of Korea-U.S. trade negotiations has been passed. Given that U.S. President Donald Trump has favored 'direct summits' in the negotiation process, there is speculation that a Korea-U.S. summit is likely to occur early. Trade experts suggest that the newly inaugurated government should first establish principles and frameworks before engaging in full-scale negotiations.
President Lee considers 'Korea-U.S. trade negotiations' as an issue to resolve immediately after taking office, but maintains a 'cautious approach.' In the first presidential TV debate on the 18th, then-candidate Lee Jae-myung stated, "There is room for negotiation, but there is no need to rush," adding, "Diversifying export markets and products and expanding the economic territory based on diplomatic efforts are important."
While caution is not wrong, the problem is that the U.S. has announced plans to impose reciprocal tariffs starting July 9. If President Trump imposes an additional 15% reciprocal tariff on each country as announced, the export competitiveness of Korean corporations will decrease. For Korea, with its export-oriented economic structure, this could be a severe blow.
Therefore, it is expected that President Lee Jae-myung will seek to meet President Trump promptly after taking office. Through direct summits, they hope to secure a deferment of at least the imposition of reciprocal tariffs and additional time for negotiations.
With global trade uncertainties increasing, attention is focused on the direction of trade policy that the Lee Jae-myung administration will pursue. In the presidential election pledge book, President Lee proposed the new government's trade policy directions, including ▲diversification of export markets ▲national interests as the highest priority ▲strengthening global competitiveness of advanced core industries ▲minimizing damage to corporations investing in the U.S. He also pledged to expand roles in multilateral forums like the Group of 20 (G20) and Group of 7 (G7), and to establish a trade agreement system that can respond to protectionism and nationalism.
It is interpreted as a direction to establish new export routes based on cutting-edge technology without being swayed by the U.S.
Experts have also viewed this direction positively. Choi Seok-young, advisor at Gwangjang and former FTA negotiator and economic trade ambassador of the Ministry of Foreign Affairs and Trade, said, "To avoid getting caught in the negotiation style of the Trump regime, a cautious approach is needed rather than rushing to a conclusion," and noted, "This is not a simple trade issue but a matter of rerouting the overall Korea-U.S. relationship."
However, caution was advised against fully revising the framework for trade negotiations established by the previous government and the U.S. Kim Tae-hwang, a professor of international trade at Myongji University, said, "The new government may be eager to engage in negotiations, but it is not desirable to abruptly change the existing negotiation framework," adding, "We need to continue negotiations by maintaining the existing frameworks in six areas such as balanced trade, non-tariff measures, digital trade, and origin issues."
At the same time, there is criticism that President Lee's trade policy contained in the pledge book is vague. It lacks specific implementation plans, and Korea's diplomatic priorities in the U.S.-China competitive landscape are not clear.
Professor Kim pointed out, "President Lee's strategy for Korea-U.S. trade negotiations lacks clear principles like 'using the Korea-U.S. FTA as a standard,'" and suggested, "Standards or norms should be established before negotiations." Choi Yongmin, former president of the Korea Institute for International Economic Policy, also noted, "The trade and commerce sector is one of the tasks the current government should focus on the most, but the current policy is vague and lacks a practical vision."
Advisor Choi Seok-young remarked, "President Lee did not present specific pledges regarding China policy," and commented, "In a situation where U.S.-China conflicts are intensifying, the stance Korea will take when pressure arises will be the core direction of the trade policy." Professor Kim also stated, "As U.S.-China relations change, Korea's relationship with China is also being reestablished," emphasizing, "It is crucial to develop a reasonable trade strategy while balancing between the two countries."