South Korea is preparing to restart tariff negotiations with Washington on Friday, on the sidelines of a major APEC gathering, a government official confirmed to AFP. Trade ministers from the bloc’s largest economies have convened on Jeju Island amid growing uncertainty over the global trade system, following sweeping tariffs imposed by US President Donald Trump last month.
US Trade Representative Jamieson Greer has been engaged in a flurry of bilateral meetings, with ministers seen hurrying to secure time with him. Among those was China’s international trade representative, Li Chenggang, who met Greer earlier this week in Geneva, where both sides agreed to a temporary 90-day truce on retaliatory tariffs.
Greer is also scheduled to meet with South Korea’s Minister of Trade and Industry, Ahn Duk-geun, on Friday. According to the South Korean official, Seoul is pushing for meaningful progress in the talks in hopes of averting Trump’s aggressive tariff measures.
The two sides last met in late April in Washington, where South Korea presented its proposed “July Package” — a framework aimed at eliminating current tariffs.
South Korea posted a $66 billion trade surplus with the United States last year, ranking behind only Vietnam, Taiwan, and Japan. The country has been significantly affected by the 25% tariffs on automobiles that Trump introduced in early April. The auto sector, which accounts for 27% of South Korea’s US-bound exports, has been particularly vulnerable, as the United States imports nearly half of South Korea’s car shipments.
Last month, Trump introduced additional reciprocal tariffs of up to 25% on South Korean goods, though these have been temporarily suspended until early July.
In a strategic move, Seoul hopes to secure concessions by pledging increased purchases of US liquefied natural gas (LNG) and offering cooperation in shipbuilding — a field where South Korea ranks just behind China in global dominance.
Earlier Friday, Greer held talks with Chung Ki-sun, vice chairman of HD Hyundai, South Korea’s largest shipbuilding conglomerate. HD Hyundai noted it was the first-ever meeting between a US trade representative and a South Korean shipbuilder. The discussions also involved potential collaboration with US shipbuilder Huntington Ingalls Industries.
Greer is also scheduled to meet the CEO of Hanwha Ocean, a South Korean firm that provides maintenance and overhaul services for US Navy vessels. Following the news, shares of Hanwha Ocean climbed nearly 3%, while HD Hyundai Heavy Industries saw gains of up to 3.6% Friday morning.
