South Korean officials have requested an exemption from U.S. reciprocal tariffs on steel and aluminum during their visit to Washington this week, according to a statement from the industry ministry on Friday. Deputy Minister Park Jong-won, leading the first major South Korean government delegation to Washington since U.S. President Donald Trump announced broad tariffs, emphasized that nearly all tariffs between the two nations have already been removed under their free trade agreement.
South Korea has viewed Trump’s measures with increasing concern. Park highlighted investments in the United States by South Korean companies and has proposed a meeting with the Trump administration to discuss any further plans. During his meeting with the members of Congress, he pushed them to maintain incentives for South Korean companies to operate in the United States.
“In the future, the government will continue to consult at a high level on U.S. trade and trade measures, and will respond to minimize damage to Korean companies through close communication with the industry,” the ministry’s statement said.
South Korea’s Acting President, Choi Sang-mok stated last week that the country’s active role as the largest investor in the United States over the past two years should provide some leverage in negotiations with the Trump administration on tariffs. He asked authorities to monitor the U.S. more actively to seek cooperation and monitor the measures taken by others, such as the European Union, Japan, and China.
Japan has requested an exemption from U.S. steel and aluminum tariffs, while China has retaliated with its own tariffs in response to U.S. measures. Along with EU announced this week that it is prepared to negotiate trade agreements and reduce tariffs.
“Given their substantial role in supporting US economic objectives, we think Korea and Japan are in a strong position to seek tariff exemptions,” Standard Chartered economists said in a note, citing the more than 20,000 U.S. jobs South Korea contributed in 2023, more than any other country.
Seoul’s response to the Trump administration’s actions has been further complicated by a political crisis following President Yoon Suk Yeol’s brief imposition of martial law in December.
Upon the meeting between the Industry minister of South Korea and the acting U.S. ambassador in Seoul, the former said that the policies affecting trade and investment between the two countries should remain consistent and stable.
A delegation from the Korea Chamber of Commerce and Industry, representing 20 South Korean companies, visited the U.S. this week to engage with policymakers, including White House officials who, according to the Chamber, were pleased with the discussions.
Choi, who assumed leadership after the impeachment of both President Yoon and the prime minister, has yet to speak directly with Trump.
Source: Reuters