South Korea aims to delay new U.S. tariffs, prioritizing economic stability amid trade tensions. Finance Minister Choi Sang-mok emphasized the importance of reducing uncertainty for export industries, while ongoing talks with the U.S. seek a mutually beneficial resolution.
South Korea is aiming to delay the implementation of new U.S. tariffs, prioritising national interest and economic stability amid mounting trade tensions. Finance Minister Choi Sang-mok told parliament that Seoul would push to postpone the tariffs “as much as possible” during negotiations with the U.S., seeking to reduce uncertainty for export-reliant industries.
U.S. President Donald Trump recently imposed sweeping tariffs, including 25% duties on steel, aluminium, and vehicles, hitting South Korea hard. Although a 90-day pause was introduced for some goods, key sectors remain affected. A snap presidential election on 3 June, following the ousting of Yoon Suk Yeol, has added political complexity.
Acting President Han Duck-soo has engaged in discussions with Trump and top U.S. officials, aiming to shape a mutually beneficial trade path. Talks have focused on potential cooperation in shipbuilding and South Korea’s participation in a U.S. gas pipeline project in Alaska.
As Seoul ramps up support for its semiconductor industry with a £23 billion package, concerns linger over Trump’s upcoming tariff announcement on chips. Trade Minister Ahn Duk-geun may travel to Washington next week for further negotiations, underlining Seoul’s diplomatic push to protect its global trade interests.
Read next
15:50
Panic erupted on a Seoul subway train after a man allegedly set a fire onboard, prompting the evacuation of over 400 passengers through a tunnel and sending 21 people to hospital with minor injuries.
09:10
South Korea opened early voting for its upcoming presidential election on Thursday, with a record turnout as voters prepare to choose a new leader following President Yoon Suk Yeol’s removal from office.
09:06
FACTBOX
South Korea’s presidential frontrunner Lee Jae-myung promises sweeping reforms in economy, foreign policy, and society ahead of the June 3 snap election.
11:43
World News
South Korea’s liberal presidential candidate Lee Jae-myung pledges to restore communication hotlines with North Korea and strengthen strategic ties with the U.S. and regional partners if elected, aiming to improve regional stability amid ongoing tensions.
11:21
Region News
Jeyhun Bayramov, Azerbaijan’s Minister of Foreign Affairs, met with the newly appointed Korean Ambassador Kang Kymgu to discuss deepening bilateral ties, regional issues, and cooperation in various fields including education, climate diplomacy, and technology.
What is your opinion on this topic?
Leave the first comment