South Korea and U.S. Trade Chiefs Discuss Extension of Mutual Tariff Suspension

Ye Hangu, Director General for Trade Negotiations, Meets with Jamieson Greer, USTR Representative, for Tariff Talks
"Proposes Vision for Korea-U.S. Manufacturing Cooperation"

Ye Han-gu, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, held a meeting with Jamieson Greer, United States Trade Representative, at the USTR office in Washington D.C. at 3 p.m. local time on the 5th.

The Ministry of Trade, Industry and Energy announced on July 6 that Ye Han-gu, Director General for Trade Negotiations, met with Jamieson Greer, United States Trade Representative, in Washington D.C. on July 5 (local time) to discuss an extension of the mutual tariff suspension measures between South Korea and the United States. The current measures are set to expire on July 8.

During the meeting, Director General Ye explained the South Korean government's position regarding the U.S. tariff measures and proposed ideas for cooperation that would promote mutual benefits in the manufacturing sector of both countries. In particular, he conveyed South Korea's vision to further strengthen industrial cooperation based on the closely connected supply chains between the United States and South Korea.

At the meeting, Director General Ye emphasized that any final agreement must include the actual elimination or easing of tariffs on key items such as automobiles, steel, and aluminum.

It is reported that both sides have continued negotiations in good faith for about a month since the launch of the new South Korean administration and agreed on the need to narrow their differences. The necessity of extending the suspension deadline was also discussed at the negotiating table.

Director General Ye stated, "Both sides are doing their utmost in the negotiations to develop mutually beneficial win-win solutions," and added, "Although it is difficult to predict the outcome, we will continue discussions based on national interests until the end, in order to maintain the momentum of cooperation built so far and secure a favorable result regarding the U.S. tariff measures."