The Asia-Pacific Economic Cooperation (APEC) trade ministers’ meeting in South Korea took on new urgency as countries sought dialogue with the United States before a 90-day suspension on tariffs ends in July.
What is typically a routine gathering of Asia-Pacific Economic Cooperation (APEC) trade ministers turned into a high-stakes event this week, as regional economies moved quickly to engage the United States in tariff negotiations before a looming July 9 deadline.
Held on South Korea’s Jeju Island, the meeting was the first multilateral setting for U.S. and Asian trade officials since President Trump introduced and then temporarily suspended new “reciprocal” tariffs. These tariffs were aimed at countries with significant trade surpluses with the U.S., with some of the highest rates directed at key partners in Asia such as South Korea, Japan, Vietnam, and Thailand.
The main focus of the event was Jamieson Greer, the U.S. Trade Representative and one of the lead negotiators behind the recent temporary truce with China. Greer’s packed schedule included bilateral meetings with ministers eager to protect their countries’ trade interests. South Korea’s Trade Minister, Cheong Inkyo, noted that many nations had initially planned to send vice ministers but upgraded their delegations to secure direct talks with the U.S. official.
David Boling, a trade expert at Eurasia Group, said securing time with Greer was a top priority for most attendees. "All those trade ministers who came in, their number one goal was to get face time with Jamieson Greer," he said.
President Trump first imposed tariffs on a broad list of imports last month, arguing that certain countries had long benefitted from trade imbalances with the U.S. The decision was soon followed by a temporary 90-day suspension to allow for negotiations, though a baseline 10% tariff remained in effect.
While several Asian nations have since sent delegations to Washington, only the UK - whose trade with the U.S. favors American exports - has finalized a deal to avoid the tariffs.
At the Jeju meeting, Greer and Minister Cheong discussed ongoing progress and South Korea’s political constraints ahead of its June 3 election. The country is navigating a sensitive domestic situation following the impeachment of former President Yoon Suk Yeol.
In addition to government talks, Greer met with the vice chairman of HD Hyundai to explore potential U.S.-Korea collaboration in the shipbuilding sector.
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Negotiations between China and the European Union regarding electric vehicle price commitments are in their final stages, although both sides acknowledge that further efforts are required to reach a resolution.
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