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Korea, U.S. aim to finalize tariff deal by July 8 following 'amicable' talks

Published: 25 Apr. 2025, 07:47 Updated: 25 Apr. 2025, 11:25

PARK EUN-JEE
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Representatives of the Korean and U.S. governments begin the two countries' trade negotiations on April 24 in Washington. From left: Trade Minister Ahn Duk-geun, Deputy Prime Minister and Finance Minister Choi Sang-mok, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. [MINISTRY OF ECONOMY AND FINANCE]

Korea and the United States agreed to draw up a joint tariff-related deal, dubbed the July Package, by July 8, with a focus on four negotiation areas: tariff and nontariff measures, economic security, investment cooperation and currency policy.

The Korean government announced the outcome of the initial round of trade talks with the United States on Friday, after Finance Minister Choi Sang-mok and Minister of Trade, Industry and Energy Ahn Duk-geun participated in discussions in Washington with their U.S. counterparts, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer.

The two countries did not release a joint statement.

Choi assessed the talks as laying “a framework” for future negotiations in which Korea can raise concerns related to reciprocal and sectoral tariffs, noting that the discussions took place in an amicable and calm atmosphere.

“We explained that the U.S. imposition of reciprocal and item-specific tariffs could negatively impact bilateral economic cooperation and conveyed our position that exemptions and exceptions should be granted for the tariffs imposed on Korea,” Choi stated in a press briefing.

“In particular, we stressed the automotive sector, given [auto tariffs] would have the most adverse effect on the economy,” he added. The request was echoed by Industry Minister Ahn during his meeting with the trade representative.

“We reiterated our request for a comprehensive exemption from reciprocal tariffs, all sectoral tariffs such as those on automobiles and steel, as well as any future tariffs that may be imposed,” Ahn said in the briefing, which was held at the Korean embassy in Washington.

The two administrations will hold working-level meetings to move negotiations forward, in addition to a high-level session with Greer when he visits Korea for the Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju, scheduled for May 15.

BY PARK EUN-JEE [[email protected]]