Menu

Search

  |   Politics

Menu

  |   Politics

Search

South Korea Seeks U.S. Tariff Exemption Amid Trade Concerns

South Korea Seeks U.S. Tariff Exemption Amid Trade Concerns. Source: U.S. Department of State, Public domain, via Wikimedia Commons

South Korean officials have urged the U.S. to exempt them from steel and aluminum tariffs during a visit to Washington this week, the industry ministry said Friday. Deputy Minister Park Jong-won led the delegation, emphasizing that most tariffs between the two nations were eliminated under their free trade agreement.

As a key U.S. trading partner, South Korea is concerned about protectionist measures. Park highlighted South Korean investments in the U.S. and proposed high-level meetings with the Trump administration to strengthen economic ties. He also met with members of Congress, advocating for continued incentives for Korean firms operating in the U.S.

"The government will continue high-level consultations on U.S. trade measures to minimize harm to Korean businesses," the ministry stated.

Acting President Choi Sang-mok previously noted that South Korea had invested more in the U.S. than any other nation in the past two years, positioning it to negotiate tariff relief. Economists at Standard Chartered echoed this sentiment, citing South Korea’s contribution to over 20,000 U.S. jobs in 2023.

Seoul’s response to U.S. policies is further complicated by its political turmoil. President Yoon Suk Yeol briefly imposed martial law in December, leading to his and the prime minister’s impeachment. Choi, now acting president, has yet to speak directly with Trump.

South Korea continues to push for trade stability, emphasizing its economic contributions and strategic partnership with the U.S.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.