South Korea's top trade official, Trade Minister Cheong In-kyo, left for Washington Tuesday to engage in tariff negotiations with US administration officials.
The visit follows the announcement of a 25 percent "reciprocal" tariff on South Korean imports by US President Donald Trump, set to take effect Wednesday, US time.
Trump's recent imposition of sweeping tariffs have prompted over 50 countries to reach out to begin related negotiations, according to White House National Economic Council Director Kevin Hassett. Hassett also claimed that the latest actions will not have major effects on consumers in the US.
On Monday, President Trump said negotiations with countries, other than China, will kick off immediately. He also denied media reports that he was considering delaying the new tariffs' implementation for 90 days.
"If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL tariffs on China of 50%, effective April 9th," wrote Trump in a post on Truth Social.
"Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately," he added.
Fears of a global trade war triggering economic recession caused a global market meltdown Monday. South Korea’s stock market and currency suffered sharp declines on that day, with the benchmark Kospi dropping over 5.5 percent and the Korean won falling to 1,467.8 won per dollar — its steepest drop since March 2020 during the COVID-19 pandemic.
Minister Cheong is set to meet with US Trade Representative Jamieson Greer and other officials during his two-day visit.
“We are in a severe situation where Korean companies exporting to or operating in the US are expected to face significant challenges due to the reciprocal tariffs announced on April 2, as well as duties on steel, aluminum, cars and auto parts,” Cheong said.
"The government will make every effort in negotiations to minimize the impact of Washington's trade policies on Korean businesses and industries," he added. (Yonhap and news reports)
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