S. Korea says worst-case tariffs averted, eyes talks with U.S.

In related news.

The Presidential Office convened a meeting this afternoon to address the latest developments on the U.S. tariff front.

For details I have our correspondent Song Yoo-jin standing by live.

Yoo-jin welcome.

So what has the top office said?

Good afternoon, Sunny.

As you know, trade negotiations with Washington have been one of President Lee Jae Myung's top priorities.

Presidential Spokesperson Kang Yu-jung says the administration sees value in the fact that they have a bit more time before the tariffs actually take effect.

Take a listen.

"Given how little time there has been after the new administration was launched, we see it as having avoided the worst-case scenario of tariffs going up. We've now secured extra time for negotiations, and National Security Adviser Wi Sung-lac is continuing high-level talks in the U.S."

In response to President Trump's latest announcement, Presidential Chief of Policy, Kim Yong-beom, convened a meeting this afternoon with the ministries of Industry, Finance, and Foreign Affairs.

Kim emphasized that although swift negotiations are important, safeguarding South Korea's national interests remains the highest priority and urged the ministries to approach talks with the U.S. with that in mind.

Regarding the potential impact of the tariffs, Kim said market reactions have so far been relatively calm, but ordered close monitoring of exports and the broader economy.

He also directed ministries to implement support measures for sectors likely to be affected, including autos and steel.

Kim added that once National Security Adviser Wi Sung-lac returns from Washington, they will hold a joint meeting to review the situation again and discuss the next steps.

And speaking of the top presidential security adviser do tell us a bit about his agenda over in the U.S.

Well Sunhee

Wi met with his American counterpart, Marco Rubio, on Monday local time.

According to the Presidential Office, the South Korean delegation reiterated the need to arrange a summit between Presidents Lee and Trump as soon as possible to make progress on key issues, to which the U.S. side agreed.

On tariffs specifically, Washington expressed hopes of close coordination to reach a deal before the 25-percent duty kicks in.

On the same day, South Korea's top trade negotiator, Yeo Han-koo, who is also in Washington, met with Commerce Secretary Howard Lutnick.

Yeo called for lowering tariffs on major Korean exports to the U.S., mainly automobiles and steel, which are currently subject to separate tariffs of 25-percent and 50-percent, respectively, under Section 232 of the Trade Expansion Act of 1962.

He also emphasized Seoul's commitment to bilateral cooperation on manufacturing, describing it as a way to achieve more balanced trade.

Yeo and Lutnick are scheduled to continue their talks on Wednesday.

Wi's visit to Washington is set to conclude on Tuesday, so we expect more details once he returns to Seoul.

That's all I have for now.

Back to you, Sunny.

All right Yoo-jin thank you for that coverage.

That was our Song Yoo-jin at the Presidential Office.