Andeokgeun, Minister of Industry, Visits the U.S. from 26th to 28th... Requests Mutual Tariff Exemption

Discussing Cooperation Plans with the U.S. Department of Commerce and Department of Energy

A high-level meeting to discuss industrial and trade cooperation between South Korea and the United States is finally expected to take place.

The Ministry of Trade, Industry and Energy announced on the 25th that Minister An Deok-geun will visit Washington D.C. from the 26th to the 28th to meet with key figures from the U.S. administration and Congress to discuss core issues such as steel tariff exemptions and strengthening cooperation in shipbuilding and energy.

During meetings with officials from the U.S. Department of Commerce and the administration, Minister An plans to actively request tariff relief on Korean steel products and mutual tariff exemptions currently under review by the U.S. The Korean steel industry’s export competitiveness has been weakened due to the 25% steel tariffs imposed under Section 232 of the U.S. Trade Expansion Act, and since the U.S. is reviewing whether to introduce mutual tariffs by April 1, the exemption request is expected to be a key topic.

An industry official said, "If the U.S. introduces mutual tariffs, the burden on major trading partners including South Korea could increase," adding, "The Ministry of Trade, Industry and Energy’s proactive response will play an important role in maintaining Korean steel exports to the U.S."

Minister An will also meet with key members of the U.S. Congress to emphasize the competitiveness of Korea’s shipbuilding industry and discuss ways to expand bilateral cooperation in shipbuilding. Recently, the Korean shipbuilding sector has been recognized globally for its technology in eco-friendly vessels and offshore plants, and with the U.S. promoting revitalization of its shipbuilding industry, there is significant potential for cooperation. Minister An plans to request that the U.S. government create a stable and consistent investment environment to support the continuous implementation of investment projects by Korean shipbuilders.

Ahead of the visit, Minister An stated, "South Korea and the United States are optimal partners in various fields such as shipbuilding, nuclear power, and energy," adding, "This visit will mark the first ministerial-level discussion on industry, trade, and energy between South Korea and the U.S. since the inauguration of the Trump administration, serving as an important opportunity to confirm the key areas of mutual interest between the two countries."