Korean trade minister to hold 'serious talks' on tariffs during Washington visit

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Korean trade minister to hold 'serious talks' on tariffs during Washington visit

Published: 08 Apr. 2025, 12:19 Updated: 08 Apr. 2025, 14:49

Audio report: written by reporters, read by AI

Trade Minister Cheong In-kyo speaks to reporters at Incheon International Airport before departing for Washington on April 8. [YONHAP]

Korea’s Trade Minister Cheong In-kyo said Tuesday that the government has “no choice” but to raise the issue of steep U.S. tariffs on Korean steel and automobiles during his visit to Washington, citing the industries' importance to the nation’s export-driven economy.

Cheong, speaking to reporters at Incheon International Airport ahead of his departure, emphasized that the 25 percent tariffs pose a significant burden to Korea’s key industries, including semiconductors. While in Washington, Cheong said he plans to meet with Jamieson Greer of the Office of the United States Trade Representative, along with other officials, to convey Seoul’s concerns and to seek progress on tariff relief.

His visit marks the first high-level trip to the United States by a Korean official since U.S. President Donald Trump announced reciprocal tariffs on countries around the world last Thursday.

Cheong noted that while Trump has ruled out delaying or reducing tariffs on China, he indicated a willingness to negotiate such measures with other countries.

“Given the timing, this is very welcome news for Korea,” Cheong said.

“We will hold serious talks with both the U.S. Department of Commerce and the USTR on reciprocal tariffs and other trade measures,” he added. “We’ll push for Korea to be treated no less favorably than other countries.”

Regarding whether the issue of importing liquefied natural gas (LNG) from Alaska would be discussed during the visit, Cheong responded that “Korea is one of the world’s largest LNG importers, and there has already been significant internal discussion about increasing imports from the United States as part of strengthening our energy security.”

“To reduce the trade surplus with the United States — which is key to lowering tariffs — we’ve been reviewing various packages,” said Cheong. “Since it’s difficult to cut exports, the focus has been on increasing imports to help balance the trade account.”

On the possibility that the reciprocal tariffs could trigger a renegotiation of the Korea-U.S. Free Trade Agreement (FTA), Cheong said, “The United States has not directly raised the issue of revising the FTA so far,” but added, “however, we are preparing for all possibilities and will respond actively to secure the greatest national interest.”

Cheong also commented on the rationale behind the tariffs.

“The only explanation for the high tariff rates imposed is Korea’s relatively large trade surplus with the United States,” Cheong said. “We’ve already expressed our regret over this, and I plan to tell U.S. officials that applying such high rates to a country that has implemented the FTA for 12 years is problematic.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.

BY JEONG JAE-HONG [[email protected]]