Seoul, Feb 26 : South Korea will stress the importance of bilateral cooperation in various industries, such as energy and shipbuilding, in negotiations with the United States on its new tariff plans, industry minister said on Wednesday.
Industry Minister Ahn Duk-geun made the remarks as he departed for Washington to meet with Secretary of Commerce Howard Lutnick and other US government officials, reports Yonhap news agency.
“We plan to emphasise the fact the industrial ecosystems of South Korea and the United States should move together as bilateral cooperation in strategic and advanced industries, such as shipbuilding and energy, is very important at the moment,” Ahn said.
His three-day trip to Washington is widely expected to focus on urging the U.S. administration to exempt South Korea from its planned 25 percent tariffs on steel, aluminum and auto imports, as well as a plan to impose “reciprocal” tariffs on its trading partners.
It marks Ahn’s first visit to the US for ministerial talks since President Donald Trump took office.
“The priority is creating a platform where we can continue to negotiate (with the US) as the ongoing situation is not something that can be resolved through a single meeting,” Ahn told reporters, vowing to do his best to protect the interests of Korean companies.
On recent reports that Lutnick had proposed US$1 billion in investments from Korean firms in exchange for regulatory benefits, Ahn said many South Korean companies could meet the requirement considering their past investments in the U.S. and future plans while noting the government is not in a position to disclose corporate investment plans.
South Korean businesses are said to have made a combined US$150 billion of investments in the United States since the start of the first Trump administration, according to earlier reports.
Meanwhile, Ahn met with executives of major Korean companies, including Hyundai Motor Group, earlier this week to discuss strategies for Trump’s tariff plans, according to industry sources.
The details of the meeting have yet to be known, but Ahn reportedly discussed Hyundai Motor’s long-term investment plans, which could be leverage for the South Korean government’s tariff negotiations with the US. (IANS)