Korea must take steady pace ahead of U.S. tariff talks

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Korea must take steady pace ahead of U.S. tariff talks

Published: 23 Apr. 2025, 00:00

Audio report: written by reporters, read by AI

Deputy Prime Minister and Finance Minister Choi Sang-mok, left, and Minister of Trade, Industry and Energy Ahn Duk-geun at the Government Complex in central Seoul. [YONHAP]

Deputy Prime Minister and Finance Minister Choi Sang-mok departed for Washington on Tuesday to attend a high-level Korea-U.S. “2+2” economic dialogue, where Seoul will seek to address mounting concerns over tariffs.

Choi, joined by Trade Minister Ahn Duk-geun, is scheduled to meet U.S. Treasury Secretary Scott Besent and U.S. Trade Representative Jamieson Greer on Thursday. “I aim to open a new chapter in Korea-U.S. economic ties,” Choi told reporters before departure, calling the upcoming talks a starting point rather than a venue for hasty agreements.

Pressure is building on Seoul to reduce trade uncertainty. Korea’s exports to the United States between April 1 and 20 fell 14.3 percent on year, signaling a tangible impact from the tariff climate under U.S. President Donald Trump’s second term. On Monday, the International Monetary Fund downgraded Korea’s growth forecast from 2 percent to the 1 percent range.

Still, the sense of urgency lies more with Washington. Trump is facing increasing opposition at home, and major negotiating partners like China, the European Union and Japan have yet to engage seriously. Korea, by contrast, can afford a more measured approach.

Concerns are growing over the potential political undertones of the negotiations. Acting President Han Duck-soo, who has been overseeing Korea’s response to the U.S. tariff push, recently described the 2+2 meeting as his “final duty,” fueling speculation about a possible presidential bid. Han ordered the formation of a pan-government delegation for the talks, underscoring his commitment. Yet ambiguity surrounding his political intentions could raise questions about whether negotiation goals are being driven by the national interest or political calculus.

Korea is also advised to learn from Japan’s experience. Despite Prime Minister Shigeru Ishiba’s efforts to build rapport with Trump — including public displays of deference — Tokyo failed to avoid tariff penalties. Akazawa Ryosei, Japan’s chief negotiator, was even mocked for wearing a “Make America Great Again” hat handed to him by Trump, leading to derision that he had become “Magazawa.”

U.S. President Donald Trump meets with Japanese Prime Minister Shigeru Ishiba in the Oval Office of the White House in Washington on Feb. 7. [AP/YONHAP]

There is also a possibility that Trump could personally intervene in the talks, as he did during the U.S.-Japan negotiations, pressing Korea to take on more defense costs or participate in energy ventures such as Alaska’s liquefied natural gas project.

Seoul must resist falling into Washington's pace. Instead, it should explore reciprocal gains within the framework of the Korea-U.S. FTA. Officials should make it clear that premature deals will not only burden the next administration but are unlikely to endure.

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