No Surprise Appearance by President Trump
Government Responds to US with Focus on Cooperation Cards
South Korea and the United States met in Washington, D.C. on the 24th (local time) for one hour and eight minutes to discuss issues including tariffs. Additional trade talks are also scheduled for the same day. The government plans to summarize and announce the results of these consultations soon.
Choi Sangmok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, attended the Korea-US 2+2 Trade Consultation held at the US Department of the Treasury on the 24th (local time) with Ahn Dukgeun, Minister of Trade, Industry and Energy. They took a photo with Janet Yellen, US Secretary of the Treasury, and Katherine Tai, US Trade Representative (USTR). Ministry of Strategy and Finance
Choi Sangmok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, and Ahn Dukgeun, Minister of Trade, Industry and Energy, held the Korea-US 2+2 Trade Consultation at the US Department of the Treasury in Washington, D.C. on the same day. The US side was represented by Scott Besent, Secretary of the Treasury, and Jamison Greer, US Trade Representative (USTR).
According to the Ministry of Strategy and Finance, the consultation lasted for about one hour and eight minutes, from 8:10 a.m. to 9:18 a.m. Also present were Choi Jiyoung, Assistant Minister for International Affairs at the Ministry of Strategy and Finance; Kang Youngkyu, Spokesperson; Min Kyungseol, Director-General for International Economic Affairs; Park Sungtaek, First Vice Minister of the Ministry of Trade, Industry and Energy; Jang Sungkil, Director-General for Trade Policy; and Kim Janghee, Head of the US Cooperation Task Force. There was no surprise appearance by US President Donald Trump.
The government is believed to have discussed mutual and item-specific tariffs requested by the US side during the consultation. Given the relatively short meeting time, it is expected that the two sides exchanged their positions and demands regarding US tariff impositions. On the previous day, at Dulles International Airport near Washington, D.C., Minister Ahn stated, "The basic goal of the trade consultation is to abolish the mutual tariffs that have been imposed."
After the 2+2 Trade Consultation, Minister Ahn will hold a separate meeting with his counterpart, Representative Greer. Anticipating that the US may present various demands, the government brought a working-level delegation from eight related ministries on this trip, including the Ministry of Strategy and Finance, Ministry of Trade, Industry and Energy, Ministry of Agriculture, Food and Rural Affairs, Ministry of Foreign Affairs, Ministry of Environment, Ministry of Science and ICT, Ministry of Land, Infrastructure and Transport, and Ministry of Health and Welfare.
Deputy Prime Minister Choi visited the US to attend the G20 Finance Ministers' Meeting and the International Monetary and Financial Committee (IMFC), and also held the trade consultations during his trip. Before departing from Incheon International Airport on the 22nd (Korean time), he stated, "I will open the door for renewed discussions to strengthen the Korea-US alliance and return with results."
The government’s position is to focus discussions with the US on key issues such as expanding imports of Alaskan liquefied natural gas (LNG) and Korea-US cooperation in shipbuilding, in order to address the US demand to reduce the US trade deficit. Whether the US will link tariff negotiations to demands for increased defense cost-sharing for US forces stationed in Korea is also a major issue. The government plans to summarize and announce the results of these trade consultations soon.
Meanwhile, President Trump imposed a 25% tariff on steel and aluminum starting on the 12th of last month, and a 25% tariff on foreign automobiles beginning on the 3rd of this month. A 10% basic tariff (universal tariff) also took effect on the 5th. On the 9th, the US announced differentiated mutual tariffs for major countries, including South Korea, but decided to suspend enforcement for 90 days just 13 hours later.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
