Jung In-kyo, Director General for Trade Negotiations, "Consultations to Ensure Trump's Tariffs Do Not Disadvantage Only Korea"

In Response to the Possibility of Renegotiating the Korea-U.S. FTA:
"All Possibilities Are Open and We Will Respond Accordingly"

Yonhap News

Jung In-kyo, the Chief Negotiator of Trade at the Ministry of Trade, Industry and Energy, who has embarked on a trip to the United States for tariff negotiations, stated, "We will actively negotiate with the U.S. Department of Commerce and the U.S. Trade Representative (USTR) to ensure that Korea is not at a disadvantage compared to other countries."

On the morning of the 8th, Jung told reporters at Incheon International Airport, "During this visit to the U.S., we will discuss the issue of the 25% high tariffs on steel and automobiles."

Jung also said he would monitor U.S. movements regarding the imposition of tariffs on semiconductors and other items that have not yet been announced by product category. He said, "President Trump has indicated that there is no possibility of suspending or reducing tariffs on China, but for other countries, suspension or reduction may be possible through negotiations. We consider this very good news for Korea, which is about to visit the U.S."

Regarding negotiation cards, Jung explained, "Korea is the largest importer of LNG in the world, and expanding imports of U.S. products from an energy security perspective is already a matter that has been extensively discussed internally. To reduce the U.S. trade deficit with Korea, it is necessary to increase imports rather than reduce exports, and we have been reviewing various packages for this purpose."

In response to concerns that the acting presidential authority might be an obstacle to trade negotiations, he said, "Acting Prime Minister Han Duck-soo is well-versed in trade matters and frequently provides guidance on U.S. trade issues. We maintain very close consultation channels with both ministerial and working-level officials at the Department of Commerce and USTR, and we will strive to protect national interests by utilizing various channels."

Regarding the possibility of renegotiating the Korea-U.S. FTA, he said, "The U.S. side has never directly mentioned revising the Korea-U.S. FTA. However, we are keeping all possibilities open and preparing response measures, and we will actively respond to maximize national interests regardless of how the situation unfolds."

Regarding the ‘Korean tariff rate’ mentioned by President Trump, he pointed out, "Most of Korea's tariffs on the U.S. are 0%, and there are criticisms even within the U.S. that the tariff rates presented by President Trump are difficult to explain. It seems that President Trump himself acknowledged the theoretical limitations by calling it 'a kind of tariff calculation.'"

Jung stated, "Imposing high tariffs on Korea based on the trade deficit is an unfair measure against a country in the 12th year of implementing the FTA, and we will clearly raise this point during this visit to the U.S."