Yeo Han-koo, head of the trade negotiation body at the Ministry of Trade, Industry and Energy, said on the 14th, "This week, we will consult with domestic relevant departments, stakeholders, and the National Assembly to diligently create a negotiation plan that includes non-tariff barriers and negotiate with the United States."
On this day, Deputy Minister Yeo met with reporters at the Sejong Government Complex and explained the results of the Korea-U.S. manufacturing cooperation initiative and trade discussions conducted during his visit to Washington, D.C., from the 4th to the 10th, as well as the evaluation and future plans.
In this Korea-U.S. tariff negotiation, Korea emphasized the 'Korea-U.S. manufacturing renaissance partnership' regarding shipbuilding, semiconductors, and more. It received a deferment on the implementation date of the reciprocal tariff starting on August 1, securing an additional three weeks for negotiations.
Deputy Minister Yeo emphasized, "The process of consulting with domestic relevant departments, stakeholders, and the National Assembly to create a negotiation plan and receive a mandate is just as important as the negotiations with the United States."
He added, "Although it has been a short time since the new government took office, there has been progress in substantive discussions, and we are in a stage to accelerate negotiations," noting, "When we judge that we have created a plan that can reach the landing zone after going through the necessary procedures domestically, we will negotiate again by going back to the United States."
He also stated, "We will simultaneously conduct ministerial-level discussions and technical consultations, and things will move rapidly," adding, "During the remaining 20 days or so, the U.S. is expected to make one visit, and future situations remain open."
Regarding the non-tariff barrier issues currently pointed out by the U.S., he remarked, "Just looking at the U.S. Trade Barrier (NTE) report, there are parts that are necessary for enhancing our competitiveness and institutional advancement, as well as sensitive or unacceptable aspects."
According to this year's NTE report, the U.S. primarily points out the difficult import procedures for ▲genetically modified organisms (LMO), ▲age restrictions on beef imports, ▲import approval processes for apples, pears, strawberries, carrots, and others.
Deputy Minister Yeo hinted that some concessions will be necessary in the agricultural sector, explaining, "There has never been a time when agricultural products were not painful in free trade agreements (FTAs) with any country. However, our industrial competitiveness has been strengthened after negotiations."
He continued, "I believe we need to make a strategic judgment about the agricultural sector now," stating, "While we need to protect sensitive parts that must be safeguarded, there are aspects that need to be considered within the overall framework of the negotiations."
Regarding imports or investments in liquefied natural gas (LNG) from Alaska, he said, "Currently, we do not have fundamental data related to commercial viability, making it difficult for us to make a legally binding promise," adding, "The U.S. is also aware of this and is continuing consultations."
Concerning semiconductor tariffs, he expressed concern that "new semiconductor tariffs are expected to be imposed soon," stating, "We have conveyed our concerns regarding the item-specific tariffs that may be imposed in the future and argue that these tariffs should also be placed on the negotiation table for discussion."
In response to the question, "When do you expect the negotiations to conclude?" he stated, "We will not sacrifice practicality for the sake of time," adding, "Although time is very limited, a format for negotiations that consider a big picture is possible, similar to the negotiations between the U.S. and the U.K."
When asked about the possibility of reciprocal tariffs being imposed on August 1, he replied, "Everything is a variable, including the U.S. stock market and global political situation, so both the best and worst case scenarios are possible," asserting, "We will strive to create the optimal situation."