Following U.S. President Donald Trump’s announcement of imposing a 25% reciprocal tariff rate on South Korea, the nation’s trade minister stated that the government is evaluating whether to increase U.S. imports.
As Minister Cheong In-kyo prepared to head to the U.S. to meet its Trade Representative, Jamieson Greer, the minister stated that South Korea should apply to the solution of increasing U.S. imports since reducing exports will be difficult.
Cheong also stated that South Korea’s government has been reviewing several import packages to resolve the trade balance issue. One of which is the U.S.’ LNG.
During this two-day trip, the minister also plans to discuss the U.S.’ tariff calculation, which resulted in a “high tariff” rate, while pointing out the free trade agreement (KORUS FTA) that both nations formed. He may also talk about shielding South Korea, the export-reliant economy, from the tariffs.
Trump imposed tariffs on all of U.S.’ trade partners, including Vietnam, which is facing a 46% duty. South Korean’s finance minister, Choi Sang-mok, stated that since several of their conglomerates manufacture products there, South Korean exporters will suffer a “huge blow”.
