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2d ago

South Korea and U.S. Begin Technical Talks to Finalize Tariff Deal Framework

Both nations aim to complete a comprehensive agreement lifting U.S. tariffs on Korean exports before the July 8 deadline.

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South Korea’s Minister of Trade, Industry and Energy Ahn Duk-geun speaks during a meeting with U.S. Commerce Secretary Gina Raiimondo and Japan’s Economy, Trade and Industry Minister Ken Saito as part of an inaugural Trilateral Commerce and Industry Ministerial Meeting at the Commerce Department in Washington, U.S., June 26, 2024. REUTERS/Nathan Howard/File Photo
U.S. Treasury Secretary Scott Bessent delivers remarks at the Institute of International Finance (IIF) Global Outlook Forum on sidelines of the IMF and World Bank’s 2025 annual Spring Meetings in Washington, D.C.,U.S., April 23, 2025. REUTERS/Elizabeth Frantz/File Photo
This photo, taken on March 10, 2025, shows Apache attack helicopters at Camp Humphreys, a U.S. military base in Pyeongtaek, some 65 kilometers south of Seoul. (Yonhap)

Overview

  • South Korea and the United States initiated working-level consultations this week to advance their 'July package' framework addressing tariffs and economic cooperation.
  • The agreement, reached during high-level '2+2' talks, focuses on four key areas: tariff and non-tariff measures, economic security, investment cooperation, and currency policies.
  • Seoul has requested exemptions from U.S. tariffs, including item-specific relief, and proposed collaboration in shipbuilding, energy, and trade balance measures.
  • U.S. officials emphasized 'expedient and meaningful' progress toward balanced trade, aligning with President Trump's 'America First' policy priorities.
  • The negotiations come as South Korea faces significant economic pressure from U.S. tariffs, with GDP forecasts lowered and exports to the U.S. sharply declining.