Minister Kim Jeongkwan: "All Options Open in Tariff Talks... U.S. Visit Also Under Consideration"

Emergency Public-Private Meeting Convened
Ahead of U.S.-Korea Trade Negotiations

With the deadline for the United States to impose tariffs on South Korea set for August 1 approaching, the government has urgently joined forces with industry leaders to formulate a response.

At the "Emergency Review Meeting on U.S. Trade Issues" held at the Korea Chamber of Commerce and Industry in Seoul on July 21, Minister of Trade, Industry and Energy Kim Jeongkwan stated, "We are now considering all possibilities and working to devise effective measures across our entire industrial sector," adding, "We are deeply mindful of domestic concerns regarding tariff negotiations, and we are refining our response capabilities to ensure the best possible outcome for our national interests."

This meeting marked the first official discussion between the private sector and Minister Kim regarding U.S. trade issues since his appointment. Minister Kim urged industry representatives to "actively share information with the government and participate together in outreach activities toward the United States," calling for the formation of a public-private "one team."

So far, the government has been negotiating with the United States, focusing on practical alternatives such as expanding non-tariff measures instead of tariffs. Minister Kim explained, "Based on the principle of maximizing national interests, we are discussing various options for a win-win manufacturing cooperation model between the two countries and measures to reduce the trade deficit."

He also noted, "Negotiations with the United States are not easy, as seen in other countries' cases, and we are facing a critical period where both best- and worst-case scenarios remain possible."

According to industry sources, the United States has recently demanded the lifting of various non-tariff barriers during negotiations, including allowing imports of U.S. beef from cattle over 30 months old, further opening of the agricultural market, and permitting the export of Google’s detailed mapping data. When asked about these demands, Minister Kim told reporters after the meeting, "All issues are currently on the table," but declined to elaborate further.

Regarding the possibility of a visit to the United States, Minister Kim said, "We need to monitor the situation a bit more," leaving the option open. Given that National Security Office Director Wi Sungrak visited the United States the previous day to coordinate trade issues between the two presidents, there is speculation that Minister Kim’s visit to the U.S. could become part of the final phase of negotiations.

The government plans to use the remaining time to secure the most favorable terms possible through working-level channels with the United States. Minister Kim stated, "We will work to minimize uncertainty for companies and simultaneously pursue measures to strengthen mid- to long-term competitiveness."