Choi Sang-mok and Ahn Deok-geun are stepping into tariff negotiations, focusing on creating a framework for the talks. South Korea is seeking to lower tariffs on specific items using negotiation cards like LNG imports, shipbuilding cooperation, and participation in the Alaska gas development project. On the other hand, the U.S. has set reciprocal tariffs as its agenda, with variables such as defense cost-sharing included in a ‘package deal.’
The upcoming “2+2 High-Level Korea-U.S. Negotiations” in Washington D.C. are expected to intensify tariff negotiations between the two countries. The South Korean government plans to lower tariffs through these high-level meetings. Representatives from South Korea will include talks on expanding LNG imports, shipbuilding collaboration, and the Alaska gas project as key negotiation points, aiming to adjust tariff rates downward. Meanwhile, the U.S. is expected to focus on tackling its trade deficit and defense cost-sharing issues, making the negotiations challenging.
The South Korean representatives include Deputy Prime Minister for Economy Choi Sang-mok and Minister of Trade, Industry, and Energy Ahn Deok-geun, who are attending meetings in Washington D.C. during their visit. These meetings mark the start of formal negotiations with several nations, including Japan, India, Australia, and the UK. The U.S. has indicated that swift proposals could expedite agreements, which implies that the country with the fastest negotiation output may receive the best deal.
Economists have advised that amid the intensified Korea-U.S. tariff talks, South Korea should highlight its contributions to the U.S. economy and strategize to minimize negative impacts on its exports. They suggest diversifying export markets and using investments in the U.S. as a negotiation tool, given South Korea’s substantial investments in the U.S. economy.