South Korea to establish ‘mutually beneficial’ trade partnership with US
Trade Minister Yeo Han-koo kicks off his visit to Washington for trade talks days before 90-day pause on US reciprocal tariffs expires
presidential office at the Blue House, in Seoul, South Korea
- National Assembly approves supplementary budget worth $23.3 billion, marking 1st such bill passed under President Lee Jae Myung’s administration
ISTANBUL
South Korea aims to build a "mutually beneficial" strategic partnership with the US through bilateral trade talks, Trade Minister Yeo Han-koo said Friday before departing for Washington, Yonhap news reported.
The visit comes just days before a 90-day pause on US reciprocal tariffs expires, as the Asian country pushes for an exemption or reduction from the tariffs, particularly the 25% levies on steel, automobiles, and other goods.
"Based on the progress made in the consultations so far, we will do our utmost to ensure that Korean companies are not placed at a disadvantage compared to other countries," Yeo said at the Incheon International Airport.
"We will use this tariff negotiation as an opportunity to establish a new framework for a mutually beneficial strategic partnership between South Korea and the US."
Yeo is set to meet US Trade Representative Jamieson Greer and other senior officials to accelerate negotiations. Talks will cover key trade issues and potential cooperation on supporting a US "manufacturing renaissance," according to South Korea’s Trade Ministry.
The US has requested expanded access to South Korea’s agriculture, automotive, digital, and service sectors, Yeo told lawmakers earlier Friday. He said Seoul will respond "flexibly," taking into account both US demands and domestic sensitivities.
"Depending on the progress of the negotiations, we will also actively push for extending the suspension of US reciprocal tariffs, if needed," he added.
Separately, South Korea’s National Assembly approved a supplementary budget worth $23.3 billion, marking the first such bill passed under President Lee Jae Myung’s administration.
The legislature approved the bill in a 168-3 vote, with only ruling Democratic Party lawmakers and minor parties participating, as the main opposition PPP boycotted the session.
The move followed President Lee’s announcement of a debt relief program in his early weeks in office, aimed at helping around 1.23 million small business owners unable to repay a combined total of approximately $16.3 billion.
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