The first high-level trade consultation between the United States and Korea since the inauguration of the Lee Jae-myung government will take place next week in the United States. As the newly appointed head of the trade negotiation agency is visiting the U.S. to engage in discussions regarding tariffs, attention is focused on whether the U.S. and Korea can achieve meaningful outcomes by the initially set date of July 8.

On the 16th, Lee Han-gu, the head of the Ministry of Trade, Industry and Energy's Trade Negotiation Headquarters, presides over the launch ceremony of the TF for negotiations with the U.S. at the conference room of the government Sejong Complex. /Courtesy of Ministry of Trade, Industry and Energy

On the 21st, the Ministry of Trade, Industry and Energy announced that Lee Han-goo, the head of the trade negotiation agency, is scheduled to depart for Washington, D.C., on the 22nd to hold trade consultations with U.S. officials.

During this visit, it is reported that Deputy Minister Lee will meet with U.S. government officials, including Jamieson Greer, the United States Trade Representative (USTR), to discuss trade issues such as tariffs.

Ahead of the new government's inauguration, U.S. and Korean trade authorities have agreed to reach a 'July package' (comprehensive agreement by July 8) regarding tariff issues and have been continuing their discussions.

Currently, the U.S. and Korean tariff discussions have progressed to the stage where both sides are laying their specific hopes on the table and initiating a give-and-take negotiation.

The U.S. is reportedly specifically demanding that we address various 'non-tariff barriers,' from restrictions on beef imports for more than 30 months to the export of Google's precision maps, to expand the purchase of American goods and pursue trade balance.

During this consultation, Deputy Minister Lee aims to receive exemptions or to reduce as much as possible the tariffs on steel and automobiles imposed by the U.S. on a global scale, as well as the 25% reciprocal tariff announced for Korea. It is expected that he will accurately grasp the U.S. demands, explain our position, and attempt to find agreement on negotiable ranges.

Since his inauguration on the 12th, Deputy Minister Lee has been leading discussions with practical departments and government agencies to prepare for trade negotiations with the U.S.

Korea, which has a high dependency on trade, is already showing economic shocks, such as a more than 30% drop in exports of automobiles to the U.S., one of its core markets, due to the 25% automobile tariff. However, due to the political situations within Korea, including the presidential election in June, negotiations are not progressing as quickly as expected, making it realistically difficult to meet the July 8 timetable.

In this regard, Deputy Minister Lee noted during the Trade Promotion Committee meeting on the 17th, 'We plan to continuously pursue shuttle negotiations and technical consultations with the U.S. at the ministerial level,' adding, 'Negotiations are expected to proceed very urgently over the next few weeks.'