Acting President Choi Sang-mok on Friday called on the new US administration to take South Korea's contributions to the American economy into account when formulating trade policies during a video conference with US Treasury Secretary Scott Bessent, Choi's office said.
The discussions took place against the backdrop of US President Donald Trump's recent push for stricter trade policies, including the introduction of "reciprocal tariffs" and the potential imposition of separate duties on vehicles, semiconductors and pharmaceuticals.
According to the Ministry of Economy and Finance, Choi asked the United States to recognize South Korea's contributions to the American economy in its decision-making process regarding trade measures, including reciprocal tariffs.
Earlier in the day, Bessent stated that under Trump's plans for reciprocal tariffs, tariffs imposed by other countries on US goods could be reduced or eliminated if they engage in trade negotiations with Washington.
Choi also highlighted the resilience of South Korea's economy following the political turmoil triggered by the brief imposition of martial law by President Yoon Suk Yeol in December and his subsequent impeachment.
"South Korea's economy has demonstrated strong resilience, with financial and foreign exchange market volatility easing rapidly, backed by a solid economic system and stable government administration," Choi was quoted by the ministry as saying.
He also noted that global credit rating agencies and the international community have highly praised the South Korean government's swift measures to manage the country's economic situation.
Choi cited Fitch Ratings' recent decision to maintain the country's sovereign credit rating at AA- with a stable outlook as an example of such recognition.
Choi also reaffirmed the strength of the South Korea-US alliance, marking what the ministry described as the beginning of full-scale cooperation with the Trump administration across various sectors.
He also emphasized the importance of trilateral coordination among South Korea, the United States and Japan on economic and security issues.
The talks between the two top economic policymakers took place as both had opted to skip the annual G20 ministerial meeting, held in Cape Town, South Africa, on Wednesday and Thursday. (Yonhap)
