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Trade minister says Korea looks to maximize 'practical interests' in trade talks with U.S.

Published: 06 Jul. 2025, 12:34

Trade Minister Yeo Han-koo speaks to the press upon arrival at a train station in Washington on July 5. [YONHAP]

Korea's Trade Minister Yeo Han-koo on Saturday stressed Seoul's focus on maximizing "practical interests" in ongoing trade talks with the United States, as he arrived in Washington with just days left before U.S. President Donald Trump's pause on steep tariffs expires.

Speaking to the press, Yeo noted that "all possibilities" appear to remain open, saying that the pause on "reciprocal" tariffs could be extended beyond Tuesday, and that the two countries could also reach a broad agreement in principle rather than a full-fledged trade deal.

Yeo's arrival came a little over a week after his last trip to the U.S. capital, underscoring the new Korean government's commitment to striking a trade deal with the Trump administration. He was set to resume talks with U.S. Trade Representative Jamieson Greer on the day.

"Even if [the United States] unveils a new reciprocal tariff rate for each country, including Korea, following the expiry of the July 8 pause on the tariffs, we anticipate that there could be a little [additional] period of pause," he told reporters as he walked out of a train station in Washington following his arrival in New York the previous day.

"All possibilities remain open," he pointed out, saying that the likelihood of the two sides reaching a deal "in broad terms" cannot be ruled out, though concluding a formal deal on every detail over the next three days appears difficult.

"We judge that the current situation is urgent. In fact, many things are uncertain and fluid at this point," Yeo said. "Through today's negotiations, we want to figure out more details about the U.S.' plan, and will engage in negotiations with a focus on finding ways for us to maximize practical interests."

Trade Minister Yeo Han-koo speaks to the press at Incheon International Airport in Incheon on July 4. [NEWS1]

On April 2, Trump announced reciprocal tariffs, including 25 percent duties on Korea. The tariffs took effect on April 9, but he paused them for 90 days on that day to allow time for negotiations.

Aside from reciprocal tariffs, Korea is also seeking to minimize the impact of sector-specific tariffs on automobiles, steel and aluminum.

"We think that a relatively more difficult area is the sectoral tariff issue, given that the U.S. regards it as important from the standpoint of its industrial protection," he said. "But we have repeatedly emphasized that it is crucial [for Korea] to get exceptions or ensure that the rates are significantly reduced, and we plan to reiterate that again today."

Despite uncertainty over the trade negotiations, Yeo painted a positive outlook for the future of bilateral industrial cooperation.

"Areas where chances of mutual cooperation are high are the artificial intelligence, automobiles, batteries, energy and the bio sector. They are areas where the United States needs great cooperation in its efforts to rebuild its manufacturing, and [I] think Korea has a unique value in those areas," he said.

"We seek 'positive-sum' negotiations by putting together issues of industrial and technological cooperation between Korea and the United States for the mid- and long-term period of four to five years alongside tariff talks."

Yeo's visit to Washington came as Korea's National Security Adviser Wi Sung-lac is set to arrive in the U.S. capital on Sunday for a three-day trip in what appears to be a move by President Lee Jae Myung's administration to ensure smooth cooperation between the two allies.

On Friday, Trump announced that he will send letters to 12 countries, specifying their tariff rates, on Monday.

Asked if Korea is among the 12 countries, Yeo said, "[I] don't know."

Yonhap