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Acting president urges negotiators to finalize 'July Package' before tariff suspension ends

Published: 19 May. 2025, 17:45 Updated: 21 May. 2025, 14:17

Acting President and Education Minister Lee Ju-ho speaks during a meeting at Government Complex Seoul in central Seoul on May 19. [NEWS1]

Acting President and Education Minister Lee Ju-ho has ordered the government to push forward in negotiations with the United States to finalize the so-called July Package before the mutual tariff suspension expires on July 8.

Lee convened a strategic economic security meeting at the Government Complex Seoul in central Seoul on Monday to discuss the direction of the response to the second round of technology talks scheduled with the United States later this week.

Participants included Minister of Trade, Industry and Energy Ahn Duk-geun, Minister of Foreign Affairs Cho Tae-yul, Minister of Government Policy Coordination Bang Ki-sun, Acting Minister of Economy and Finance Kim Beom-seok, Trade Minister Jeong In-kyo and First Vice Minister of Trade, Industry and Energy Park Sung-taek.

The participants shared outcomes from the recent Korea-U.S. ministerial meeting held on the sidelines of the APEC trade ministers’ meeting last week and reviewed plans for the second round of bilateral technology talks, which will take place in Washington starting Tuesday.

The Korean delegation plans to engage in full-scale discussions with U.S. officials across six key areas: balanced trade, nontariff measures, economic security, digital trade, rules of origin and commercial considerations, according to the Trade Ministry.

Lee instructed officials to strive to finalize the July Package, which seeks to eliminate tariffs between the two countries before the mutual tariff suspension period ends on July 8.

“We will consult with the United States calmly and earnestly, prioritizing national interests and the principle of mutual benefit,” Lee said.

He also urged the Ministry of Trade, Industry and Energy and related agencies to cooperate closely so that negotiations with Washington proceed without a hitch, emphasizing the importance of ongoing communication with the National Assembly in Seoul and the public throughout the process.

Lee also held a separate meeting with Bank of Korea Gov. Rhee Chang-yong and Financial Services Commission Chairman Kim Byoung-hwan on Monday.

“Uncertainty remains high in external conditions, including the progress of tariff negotiations between the United States and major countries, and the impact of Moody’s downgrade of the U.S. credit rating,” Lee said. “Please continue to closely monitor and respond to developments in the financial and foreign exchange markets.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY LEE HOO-YEON [[email protected]]