First Meeting of Korea-US Industry Ministers... "Establishing Practical Channels for Cooperation on Tariffs and Shipbuilding"

Minister An Requests Exemption from Tariff Measures
First Meeting with U.S. Secretary of Commerce Wilbur Ross
Agreement to Establish Working Channel for Shipbuilding and Tariff Issues

Amid escalating trade pressures from U.S. President Donald Trump, the South Korean and U.S. ministers of industry held their first meeting and agreed to establish a working channel for cooperation in the shipbuilding industry and tariff responses.

On the 27th (local time), the Ministry of Trade, Industry and Energy announced on the 28th that Minister An Deok-geun met with U.S. Secretary of Commerce Wilbur Ross in Washington D.C. The two ministers discussed cooperation in the shipbuilding sector and agreed to operate a working consultation channel regarding tariff measures.

Earlier, President Trump decided to impose a 25% tariff on steel and aluminum globally, which meant that South Korea, which had previously exported tariff-free within the existing quota, became subject to tariffs starting in March.

Furthermore, from April 2, mutual tariffs are planned to be imposed considering non-tariff barriers of the counterparties, raising the possibility that South Korea, a Free Trade Agreement (FTA) partner, may also face additional tariffs.

During the meeting, Minister An requested exemption from the tariff measures from the U.S. side. He emphasized that South Korea is pursuing a balanced trade deficit with the U.S. by expanding imports of U.S. gas and crude oil, highlighting that this could contribute to resolving the U.S. trade deficit.

In particular, regarding cooperation in the shipbuilding industry, when the South Korean government revealed plans to form an intergovernmental task force (TF) to systematically prepare public-private cooperation, Secretary Ross responded positively, leading to the decision to establish a working consultation channel.

Minister An also stressed the sustainability of domestic companies' investments in the U.S., conveying that if the U.S. provides a stable investment environment, more active investments will follow.

Minister An is scheduled to stay in Washington D.C. until the 28th to hold further discussions with senior officials from the U.S. Trade Representative (USTR), the White House, and think tank representatives before returning to Korea.