Yeo Han-koo: "Korea-US Tariff Talks Need More Time and Substance"

On July 4, Yeo Han-koo, Trade Minister at the Ministry of Trade, Industry and Energy, stated regarding the Korea-US tariff negotiations, "Given the current situation, I believe that rather than rushing to meet a deadline, it is in our national interest to take more time and ensure the substance of the negotiations."

Speaking to reporters at Incheon Airport as he prepared to depart for Washington, DC for a follow-up visit just one week after his previous trip, Yeo said, "The current situation is highly uncertain, and I believe both optimistic and pessimistic outcomes remain possible."

Yeo added, "Depending on how the situation develops, we are also considering the option of mutually deferring tariffs in order to continue achieving mutually beneficial and substantive 'win-win' negotiation outcomes." "The new administration has established negotiation channels in a very short period of time and has conducted outreach to the US government, the White House, and Congress on all fronts. We have conveyed our willingness to accelerate future negotiations in good faith to achieve mutually beneficial results, and there has been some progress," he said.

During the Korea-US tariff negotiations, digital issues such as the online platform law, network usage fees, and the import of Google’s high-precision maps have reportedly emerged as points of contention. Yeo stated, "When we look at these issues individually, there are areas where the US side may have misunderstandings, and in other areas, there are aspects necessary for our innovation and regulatory rationalization. I believe we need to make a balanced judgment by comprehensively considering both trade and domestic industry perspectives," he said.