South Korea has requested an exemption from the U.S.'s new tariff plans, the Industry Ministry said Saturday.
Last month, U.S. President Donald Trump announced 25% tariffs on steel and aluminum imports, set to take effect on March 12. During a meeting with U.S. Commerce Secretary Howard Lutnick, South Korean Industry Minister Ahn Duk-geun expressed concerns over the tariffs and urged for an exemption, Yonhap News Agency reported.
“South Korea will work to earn the best results from systematic and earnest negotiations with the US on new industry, trade and energy policies based on our experience of successfully responding to the US CHIPS Act and Inflation Reduction Act in the past," Ahn said in a press release, according to the news outlet.
They also discussed strengthening ties in shipbuilding and advanced industries. The U.S. remains a key trade partner for South Korea, which had a $66 billion trade surplus with Washington last year.
Read next
07:30
South Korea’s chief trade negotiator, Yeo Han-koo, will travel to the United States from June 22 to 27 for a new round of high-level discussions aimed at resolving escalating trade tensions, the Ministry of Trade, Industry and Energy announced on Saturday.
01:26
South Korea on Friday pushed back against U.S. demands to sharply increase its defense budget, saying its current spending is already among the highest relative to GDP for U.S. allies.
19:00
South Korea’s new administration proposed $14.7 billion in additional spending on Thursday to boost weak domestic demand, as President Lee Jae Myung pushes economic recovery as his top priority.
12:11
North Korea launched over 10 rockets from near Pyongyang on Thursday, prompting fresh concerns in the region.
18:00
South Korea, the U.S., and Japan held their first joint air drills since President Lee Jae Myung took office, signalling security cooperation even as Seoul seeks renewed dialogue with North Korea.
What is your opinion on this topic?
Leave the first comment