emirates7 - South Korea has proposed establishing a "mutually beneficial" manufacturing cooperation framework with the United States during recent bilateral talks on tariffs and trade matters, according to the country’s Ministry of Trade, Industry and Energy.
Trade Minister Yeo Han-koo made the proposal during a meeting with U.S. Trade Representative Jamieson Greer in Washington on Saturday. During the talks, Yeo outlined South Korea’s vision for enhancing bilateral collaboration in manufacturing and forming a complementary supply chain partnership, aligning with the U.S.’s efforts to revive domestic manufacturing, the ministry stated.
Yeo emphasized the need for the final trade deal to include the removal or reduction of U.S. tariffs on major South Korean exports such as automobiles and steel, Yonhap News Agency reported.
Both parties also explored the possibility of extending the suspension of the 25% reciprocal tariffs imposed on South Korea during former President Donald Trump's administration, in order to support more in-depth trade discussions.
South Korea aims to secure a full exemption or reduction of U.S. tariffs and duties on key products—particularly vehicles and steel—through a comprehensive agreement that addresses tariffs, non-tariff barriers, industrial partnerships, and other trade concerns.
“Since the new South Korean administration took office, both countries have shown strong commitment to reaching balanced, mutually beneficial trade solutions,” said Yeo.
“Despite ongoing uncertainties, we will continue to negotiate with the U.S. with the firm aim of safeguarding our national interests and achieving a favorable outcome,” he added.
Trade Minister Yeo Han-koo made the proposal during a meeting with U.S. Trade Representative Jamieson Greer in Washington on Saturday. During the talks, Yeo outlined South Korea’s vision for enhancing bilateral collaboration in manufacturing and forming a complementary supply chain partnership, aligning with the U.S.’s efforts to revive domestic manufacturing, the ministry stated.
Yeo emphasized the need for the final trade deal to include the removal or reduction of U.S. tariffs on major South Korean exports such as automobiles and steel, Yonhap News Agency reported.
Both parties also explored the possibility of extending the suspension of the 25% reciprocal tariffs imposed on South Korea during former President Donald Trump's administration, in order to support more in-depth trade discussions.
South Korea aims to secure a full exemption or reduction of U.S. tariffs and duties on key products—particularly vehicles and steel—through a comprehensive agreement that addresses tariffs, non-tariff barriers, industrial partnerships, and other trade concerns.
“Since the new South Korean administration took office, both countries have shown strong commitment to reaching balanced, mutually beneficial trade solutions,” said Yeo.
“Despite ongoing uncertainties, we will continue to negotiate with the U.S. with the firm aim of safeguarding our national interests and achieving a favorable outcome,” he added.