Our government emphasized cooperation in manufacturing sectors such as artificial intelligence (AI), shipbuilding, semiconductors, and biopharmaceuticals during the first high-level tariff negotiations since the new administration took office.
According to the Ministry of Trade, Industry and Energy on the 29th, Yeo Han-koo, head of the Trade Negotiation Headquarters, visited Washington, D.C., from the 22nd to the 27th (local time) for the first negotiations with the U.S. under the new government. He met with U.S. government officials, including Howard Lutnick, Secretary of Commerce, Jamieson Greer, U.S. Trade Representative, and Doug Burgum, Chairman of the National Energy Commission.
During this visit, Deputy Minister Yeo emphasized that he aims to use the opportunity of establishing a 'Manufacturing Renaissance Partnership' to create a new framework for cooperation between Korea and the U.S. He also introduced the new administration's national philosophy and strategy of strengthening mutually complementary cooperation based on the solid Korea-U.S. alliance, and conveyed the intention to create a mutually beneficial deal for both countries.
On the 27th, at a press briefing held at the South Korean Embassy in Washington, D.C., Deputy Minister Yeo reiterated several times that there is a possibility of establishing a mutually beneficial partnership between Korea and the U.S. in various manufacturing sectors, including AI, semiconductors, biopharmaceuticals, electric vehicles, batteries, shipbuilding, defense, and nuclear power, and noted that he received positive responses from the U.S.
Meanwhile, during the third technical consultation of the task force for negotiations with the U.S., which took place from the 24th to the 26th, led by Park Jeong-seong, head of the Trade and Investment Division at the Ministry of Trade, there were reports that the U.S. demand for expanding purchases of American goods has become more specific.
The U.S. demanded the elimination of non-tariff barriers, including ▲ allowing beef imports for over 30 months ▲ easing restrictions on genetically modified agricultural products ▲ permitting the export of Google’s precision maps. It is also reported that the U.S. requested a decision from the Korean government regarding participation in the development of Alaska's liquefied natural gas (LNG).
The Korean government reportedly focused on clarifying misunderstandings by explaining that the tariff on goods is effectively 0% due to the Korea-U.S. Free Trade Agreement (FTA) during the third technical consultation, particularly concerning rice tariffs.