South Korea, a leading global exporter and significant trading partner of the United States, has expressed growing concern over recent trade measures implemented by the Trump administration. In response, Acting President Choi Sang-mok has proposed holding high-level meetings with US officials to discuss further cooperation. This comes as South Korea looks to leverage its substantial investments in the US as a negotiating tool.
South Korea has invested more than any other country in the United States over the past two years, which Acting President Choi believes should bolster their position in tariff negotiations. Choi assumed the role of Acting President after a political crisis erupted in December when President Yoon Suk Yeol briefly imposed martial law, leading to his and the prime minister's impeachment. Despite his significant efforts, Choi has yet to engage in direct talks with President Trump.
Deputy Minister Park Jong-won recently led the first major South Korean delegation to Washington since the announcement of the tariffs. During their visit, South Korean officials requested exemptions from US tariffs on steel and aluminium, highlighting their contributions to the US economy. Almost all tariffs between the two countries have been eliminated under their free trade agreement. In 2023 alone, South Korea contributed over 20,000 jobs to the US market, more than any other nation.
"Given their substantial role in supporting US economic objectives, we think Korea and Japan are in a strong position to seek tariff exemptions," said economists from Standard Chartered.
Choi's delegation also engaged with members of Congress, advocating for the maintenance of incentives that encourage South Korean companies to continue operating in the US. The industry ministry released a statement on Friday, February 21, emphasizing their strategy towards US trade measures.
"In the future, the government will continue to consult at a high level on US trade and trade measures, and will respond to minimise damage to Korean companies through close communication with the industry," stated the ministry.
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