SEOUL, South Korea (AP) — South Korean officers have requested the Trump administration to exclude their nation from U.S. plans to impose aggressive tariffs on commerce companions, emphasizing that Seoul is already making use of low duties on American merchandise beneath the free commerce settlement between the 2 nations.
South Korea’s authorities on Friday mentioned Deputy Commerce Minister Park Jong-won made the request whereas touring to Washington this week for conferences with unspecified officers from the White Home, the Division of Commerce and the Workplace of the U.S. Commerce Consultant. The South Korean Commerce Ministry didn’t say what Park heard from the People.
Park cited how South Korean corporations have been contributing to the U.S. financial system by large-scale enterprise investments and famous that the nation was already imposing low duties on free commerce companions equivalent to america. He referred to as for South Korea to be excluded from U.S. plans to determine reciprocal tariffs with commerce companions and lift duties for imported metal and aluminum, the ministry mentioned.
South Korea’s top economic think tank this month slashed its development forecast for the country’s economy for the second time since November, expressing concern in regards to the impression of U.S. President Donald Trump’s increasing tariffs and different measures aimed toward resetting international commerce.
The state-run Korea Growth Institute projected the nationwide financial system to develop by 1.6% in 2025, which was 0.4 share factors decrease than its earlier estimate. The group’s economists assessed that Trump’s metal and aluminum tariffs gained’t possible have a significant impression on South Korea’s financial system, as these merchandise account for lower than 1% of its exports to the U.S. Nevertheless, they expressed concern that attainable will increase in U.S. duties for semiconductors and vehicles would harm the nation’s trade-dependent financial system extra.
South Korea’s appearing president, Choi Sang-mok, on Friday referred to as a gathering with commerce and international coverage officers to debate the potential impression of Trump’s commerce measures, together with reciprocal tariffs and attainable product-specific duties for semiconductors, vehicles and prescription drugs.
Choi, who can be South Korea’s finance minister, instructed officers to look at how different main economies, together with the European Union, Japan and China, are responding to Trump’s commerce insurance policies, and check out more durable to successfully talk South Korea’s place to U.S. officers.
South Korea’s commerce surplus with the U.S. reached $55.7 billion in 2024. In accordance with the South Korean commerce ministry, the nation’s tariff charges on U.S. manufacturing imports is round zero p.c.
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