South Korea will continue its follow-up negotiations with the United States on the details of a bilateral trade agreement signed in late July, the country's trade minister said Monday, highlighting the need to minimize the impact of US tariffs on Korean companies.
"The government will hold close talks with the US to minimize the tariffs' impact on Korean companies and safeguard national interests, taking into account the outcome of the US-Japan trade agreement," Trade Minister Yeo Han-koo said.
Yeo's remarks come after over 300 South Koreans were taken into custody by US immigration officials during a raid on the construction site of a joint facility by Hyundai Motor Group and LG Energy Solution in Georgia.
His remarks also come after US President Donald Trump signed an executive order last week, officially implementing his country's bilateral trade deal with Japan, which lowered US tariffs on Japanese cars to 15 percent.
The Seoul government reached its framework trade deal with the Trump administration on July 30, in which the latter agreed to lower auto tariffs for Korea to 15 percent from the current 25 percent, but the two sides have yet to formalize the deal.
Seoul and Washington are reportedly working to bridge their differences over the specifics of the $350 billion investment package proposed by South Korea in exchange for tariff cuts.
The Korean government earlier said it plans to invest $150 billion for shipbuilding cooperation with the US and another $200 billion to expand bilateral cooperation in advanced industries, such as semiconductors and batteries.
Seoul officials have said the planned investment will mostly comprise loans and guarantees, while the US is said to be demanding more direct investment. (Yonhap)
