Government After U.S. Consultation: "Requested Tariff Exemptions... Will Continue Working-Level and High-Level Talks"

Proposal to the U.S. for Enhancing Bilateral Trade and Cooperation in Shipbuilding
Choi Sangmok: "Calm and Orderly Consultations Are Necessary"

At the first high-level financial and trade consultation with the United States, the government requested exemptions from reciprocal and item-specific tariff measures. Since both countries confirmed their respective interests and positions during this consultation, additional working-level meetings and high-level discussions are planned in the future.

On the 24th (local time), the Korea-US 2+2 trade consultation took place at the U.S. Department of the Treasury building in Washington D.C. Photo by Ministry of Economy and Finance

On the morning of the 24th (local time) in Washington D.C., Deputy Prime Minister and Minister of Economy and Finance Choi Sangmok and Minister of Trade, Industry and Energy Ahn Dukgeun met with U.S. Secretary of the Treasury Scott Besant and U.S. Trade Representative (USTR) Jamison Greer for a 2+2 Trade Consultation.

During the meeting, Deputy Prime Minister Choi conveyed the concerns of Korean citizens regarding the reciprocal and item-specific tariffs imposed by the United States. He also emphasized that Korea is a trustworthy partner for the United States and proposed that both countries seek mutually beneficial cooperation measures. Choi further explained to the U.S. side that, considering Korea's current circumstances and related factors, calm and orderly consultations are necessary.

Minister Ahn proposed measures for sustainable and balanced bilateral trade, enhancement of Korea's energy security, and bilateral contributions to the revitalization of the U.S. shipbuilding industry. He also requested exemptions for Korea from reciprocal and item-specific tariff measures.

This consultation marked the first official intergovernmental meeting attended by the finance and trade ministers of both countries, where both sides confirmed their interests and positions regarding U.S. tariff policy and discussed future consultation plans. The government stated, "The first official consultation was held in a friendly atmosphere," and added, "Both countries agreed to continue working-level meetings and additional high-level discussions going forward."

Previously, on the afternoon of the previous day, the government held a preliminary working-level meeting at a location in Washington D.C. to reaffirm its objectives related to the trade consultation and to devise responses to the U.S. position. The delegation for this trip included working-level officials from not only the Ministry of Economy and Finance and the Ministry of Trade, Industry and Energy, but also from eight related ministries, including the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Foreign Affairs, and the Ministry of Environment.