South Korea’s industry minister and trade chief traveled to the United States this week to address tariff concerns and other trade issues with Washington. Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo held meetings with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer to talk about ongoing trade matters. The purpose of the visit was to clarify uncertainties related to tariff policies after a recent U.S. Supreme Court decision invalidated reciprocal tariffs imposed by former President Donald Trump’s administration.
Kim informed Lutnick about South Korea’s progress in implementing the trade agreement, including enacting a special law to support investments in the U.S. He emphasized the importance of upholding the agreed tariff arrangements between the two nations. Separately, Yeo and Greer discussed plans to implement non-tariff measures outlined in a joint fact sheet and agreed to convene a joint committee meeting on the South Korea-U.S. free trade agreement at a suitable time.
Yeo also addressed concerns regarding a petition by U.S. investors in Coupang Inc., an e-commerce firm, seeking a Section 301 investigation. In other news, government data revealed that gasoline and diesel prices in Seoul have surpassed 1,900 won (US$1.29) per liter due to rising tensions in the Middle East. President Lee Jae Myung warned against illegal practices like price collusion and considered imposing a price cap during a recent Cabinet meeting.
