Key points
- Talks with US had been sluggish amid political turmoil in South Korea
- New president Lee stresses level playing field
- Seeks mutually beneficial results from trade negotiations
ISLAMABAD: South Korea’s President Lee Jae Myung said Thursday his administration was doing its “utmost” to secure a trade deal with the United States ahead of President Donald Trump’s deadline next week for imposing fresh country specific levies.
Lee Jae Myung said he will push for “mutually beneficial” results from the trade negotiations with the United States based on the principles of pragmatic diplomacy centred on national interests, according to the Korean Herald.
“It’s certainly not easy, that much is clear. And to be honest, I can’t say with confidence that we’ll be able to wrap everything up by July 8,” Lee said at a press conference marking his first month in office.
“We’re doing our best, and the goal is to reach a genuinely mutually beneficial outcome, but at this stage, both sides still haven’t clearly defined what exactly they want,” he said, adding: “All I can say for now is that we’re doing our utmost.”
Visit to Washington
South Korea’s chief trade negotiator is arranging a visit to Washington this weekend as part of efforts to speed up trade talks with the United States, Seoul’s trade ministry said Thursday, as the deadline for resumption of the Donald Trump administration’s reciprocal tariffs approaches.
Already hit by sector levies on steel and car exports, Seoul is laser-focused on negotiations over a 25 per cent country-specific tariff that has been suspended until next week.
Without an agreement, it will come into effect just after midnight Washington time on July 9.
Seoul seeks extension
Seoul’s ministry of industry and trade confirmed this week it is seeking an extension.
“With the US tariff suspension deadline fast approaching, the direction of Washington’s future actions remains highly uncertain and volatile, including whether the suspension will be extended,” trade minister Yeo Han-koo said Thursday.
Yeo said the reimposition of US tariffs would be a “grave situation” requiring an all-out, government-wide effort to minimise the negative impact on Asia’s fourth-largest economy.
Lee assumed office facing a daunting array of challenges, from a deepening economic slump and intensifying global trade tensions to rising alarm over growing military cooperation between nuclear-armed North Korea and Russia.
He inherited a nation deeply fractured by the political crisis triggered by his predecessor, Yoon Suk Yeol, whose attempted imposition of martial law in December sent shockwaves through South Korean democracy.
