‘The session is happening on the suggestion of the U.S., and we’re at the moment coordinating particulars of the schedule and agenda,’ officers stated.
South Korea and the USA are slated to debate commerce this week in Washington on the Trump administration’s request, Seoul’s commerce ministry stated on April 20.
South Korean Finance Minister Choi Sang-mok and Commerce Minister Ahn Duk-geun will meet with U.S. Commerce Consultant Jamieson Greer and Treasury Secretary Scott Bessent alongside the spring conferences of the Worldwide Financial Fund and World Financial institution, in accordance with an trade ministry assertion.
“The session is happening on the suggestion of the US, and we’re at the moment coordinating particulars of the schedule and agenda,” the assertion stated.
South Korea is trying to negotiate with the USA after President Donald Trump introduced a 25 p.c reciprocal tariff on the East Asian nation. He has since capped the tariff at 10 p.c for a 90-day interval, for many U.S. commerce companions, to permit them time to renegotiate their commerce offers with the USA.
The assertion stated Ahn is scheduled to depart Seoul on Wednesday, nevertheless it didn’t specify the assembly’s agenda or supply extra particulars.
The assembly will place South Korea as one of many first nations to barter with the USA after the brand new tariffs had been imposed, together with baseline tariffs and reciprocal tariffs which have reached 145 p.c on Chinese language imports.
Trade-related tariffs, together with a 25 p.c levy on vehicle, metal, and aluminum imports, additionally have an effect on South Korea.
Ahn’s go to to Washington follows Japan’s opening negotiations with the USA final week on tariffs. Japan’s lead negotiator, Ryosei Akazawa, stated the discussions didn’t result in an instantaneous halt to tariffs, however Japan and the USA are planning to host a second spherical of talks later this month.
South Korea’s financial system is susceptible to any potential commerce losses from U.S. tariffs, as a lot of its earnings come from exporting merchandise worldwide, particularly within the American market.
In February, South Korea noticed a year-on-year progress in exports, primarily pushed by elevated exports to the USA, Singapore, and Vietnam, the report famous.
Between January and February, South Korea’s exports elevated by 6.47 p.c, or $3.17 billion, whereas its imports from different international locations decreased by 5.26 p.c.
In 2023, South Korea was the 14th-largest world financial system primarily based on gross home product (GDP) and fifth in whole exports.
Reuters contributed to this report.