South Korea Acting President Expects Korea-US Video Conference on Alaska LNG Within a Day or Two (Comprehensive)

Presiding Over Economic Security Strategy Task Force...
"Direct Communication with Trump if Necessary"
"It Appears Trump Ordered 'Immediate Tariff Negotiations' with South Korea, Japan, and India"

Acting President and Prime Minister Han Duck-soo is holding an Economic Security Strategy TF meeting at the Seoul official residence on the 14th. On the left is Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok. Photo by Yonhap News

Han Duck-soo, Acting President and Prime Minister, stated on the 14th regarding negotiations with the U.S. following the mutual tariff suspension, "It seems that U.S. President Donald Trump instructed to 'immediately proceed with negotiations' with three countries including South Korea, Japan, and India."

Acting President Han chaired the Economic Security Strategy Task Force (TF) meeting at the Prime Minister's official residence in Samcheong-dong, Jongno-gu, Seoul, and said, "We have jointly assessed the current situation in the U.S. through public-private cooperation and explained in detail to President Trump our position on how and at which points to proceed with negotiations. President Trump was also very satisfied," adding this statement.

Han explained, "Within a day or two, a video conference between South Korea and the U.S. regarding Alaska liquefied natural gas (LNG) is expected," and added, "In all areas, South Korea and the U.S. are establishing a negotiation system and seem to be starting negotiations soon to derive concrete details."

He continued, "Last weekend, a policy was announced to readjust the mutual tariff exemptions on smartphones and computers, which constitute a large part of our exports," and mentioned, "I believe President Trump also agreed with South Korea's sincere intention to conduct mutually beneficial negotiations with the U.S. going forward."

Acting President Han stated, "South Korea has decided to strengthen cooperation with the U.S. in three major areas: shipbuilding, LNG, and trade balance," and emphasized, "Since a friendly momentum for continued discussions between the two countries has been formed, we will prioritize bilateral trade negotiations and make every effort to minimize the burden caused by tariffs."

Furthermore, he added, "Considering mutual interests beyond tariffs, such as strengthening LNG and shipbuilding cooperation, we will continue consultations at ministerial and various levels to find mutually beneficial agreements," and said, "If necessary, we will strive to resolve issues through direct communication with President Trump."

"Negotiation team led by the Minister of Trade, Industry and Energy... Plan to visit the U.S. soon"

Acting President and Prime Minister Han Duck-soo is holding an Economic Security Strategy Task Force meeting at the Seoul official residence on the 14th. Photo by Yonhap News

Acting President Han stated, "To facilitate negotiations between the two countries, we will form a negotiation team centered on the Minister of Trade, Industry and Energy and plan to visit the U.S. soon to commence full-scale negotiations." He also said, "Considering mutual interests such as energy and shipbuilding cooperation beyond tariffs, we will promptly proceed with ministerial and various level consultations to find mutually beneficial agreements."

Han urged public officials to make creative efforts so that this trade crisis becomes an opportunity for change and innovation to improve outdated systems and practices that do not meet global standards.

At the meeting, the business community pledged to actively participate in overcoming the crisis by continuously monitoring related trends through private networks and sharing information with the government. They also requested active consultations with the U.S. side to ensure that tariffs are not imposed on the many facilities and equipment inevitably supplied during the process of Korean companies establishing factories locally in the U.S.

Attending the meeting alongside Acting President Han were Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance; Bang Ki-seon, Director of the Office for Government Policy Coordination; Shin Won-sik, Director of the National Security Office; Park Sung-taek, 1st Vice Minister of Trade, Industry and Energy; Kang In-sun, 2nd Vice Minister of Foreign Affairs; Sung Tae-yoon, Policy Chief of the Presidential Secretariat; and Jung In-kyo, Chief Negotiator for Trade.

From the private sector, Yoon Chang-ryul, Director of LG Global Strategy Development Institute; Kim Won-kyung, President of Samsung Electronics; Park Il-jun, Vice Chairman of the Korea Chamber of Commerce and Industry; Lee Hyung-hee, Chair of the SK Supex Council Communication Committee; and Kim Dong-wook, Vice President of Hyundai Motor Company, participated.