South Korea and the US are resuming crucial trade talks on the sidelines of the Asia-Pacific Economic Cooperation (APEC) meeting.
The discussions aim to address the sweeping tariffs imposed by US President Donald Trump, which have significantly impacted South Korean exports.
South Korea Minister of Trade and Industry Ahn Duk-geun will meet with US Trade Representative Jamieson Greer, following previous discussions in late April where South Korea proposed a “July Package” to remove tariffs.
Both countries are working hard to avoid new US tariffs as the current mutual suspension deal is set to expire in July.
Trade Impact
- South Korea recorded a $66 billion trade surplus with the US last year, making it a key target of Trump’s trade policies.
- The auto industry accounts for 27% of South Korea’s exports to the US, which takes in nearly half of the country’s car exports.
- The 25% tariffs on automobiles imposed by Trump in early April have hit South Korea’s export-heavy economy hard.
The two nations are expected to discuss cooperation in vital sectors, including shipbuilding and clean energy, to strengthen ties.
A final deal is targeted for July, aiming to prevent tariff hikes and strengthen cooperation across key industries.
