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Trade minister to stress value of strategic cooperation with Korea for U.S. economic security policy

Published: 14 Mar. 2025, 10:16

Trade Minister Cheong In-kyo speaks to the press upon arrival at Dulles International Airport near Washington on March 13. [YONHAP]

Trade Minister Cheong In-kyo said Thursday he plans to accentuate the value of strategic cooperation with Korea for U.S. economic security policy, as he is set to meet Trump administration officials and others in Washington this week to discuss tariff issues.

Cheong arrived in the U.S. capital as the Trump administration is set to announce "reciprocal" tariffs on April 2, which are to be customized based on U.S. trading partners' duties, their nontariff barriers and other elements, including exchange rate policies.

During his stay in Washington through Saturday, the minister plans to meet U.S. Trade Representative Jamieson Greer and other U.S. officials as well as relevant congressional and industry figures.

"I think that Korea belongs to the top-tier group of countries that the United States can cooperate with most handily in light of its economic security policy," Cheong told reporters upon arrival at Dulles International Airport near Washington.

"While discussing the strategic advantage of Korea with the U.S. side, [I] plan to make a request [for Washington] to take a step beneficial to our country," he added.

He voiced confidence that a "friendly, cooperative" trade relationship between Korea and the Trump administration will continue as it did during President Donald Trump's first term.

"In that respect, [I] plan to actively expound to the United States our country's industrial strengths and improvements that we've made vis-à-vis our trade system," he said.

Although the United States has imposed 25 percent tariffs on steel and aluminum imports without exceptions or exemptions, the situation will be different for planned reciprocal tariffs, Cheong anticipated.

"If I likened that to taking an exam, there might be grading criteria of its own," he said of the U.S. work to customize country-by-country reciprocal tariffs.

"First and foremost, we will figure that out, and have to fix what needs to be fixed in line with the criteria, and persuade [the United States] about what needs to be talked through."

The trade minister said that it is fair to say negotiations over reciprocal tariffs between Seoul and Washington have just begun in earnest, while anticipating the actual implementation of the new tariffs might not occur precisely on April 2, but rather take more time.

"I think there seems to be a possibility that the reciprocal tariff rate for each country and each item will be announced based on the U.S.' own assessment on April 2," he said, "Even if that is announced on that day, that might not be final, and negotiations with each country cannot help but proceed."

Asked if Korea will slap reciprocal tariffs in the event of U.S. reciprocal tariffs on it, Cheong said he "cannot give a clear answer at this point."

Cheong's visit to Washington came as Seoul has been cranking up diplomacy with the Trump administration to minimize the potential fallout from Trump's tariff policy aimed at paring down America's trade deficits, bolstering domestic manufacturing and addressing other policy issues, such as the inflow of undocumented migrants and illicit drugs.

Yonhap