S. Korea's new industry minister heads to U.S. for tariff talks

The South Korean government is accelerating efforts to finalize a concrete trade agreement with the U.S. ahead of the looming August 1st tariff deadline.

Joining Team Korea in the U.S. today was Industry Minister Kim Jung-kwan who vowed utmost efforts for a successful trip.

Park Jun-han reports.

Newly appointed Industry Minister Kim Jung-kwan departed for America on Wednesday for talks with the U.S. aimed at lowering the 25-percent "reciprocal tariffs" that are set to take effect on August 1st.

When asked whether he had been notified of Japan's confirmed tariff deal, Kim said he was aware of it.

He also told reporters that he is closely reviewing the terms of the U.S.-Japan deal and will spend his two-day U.S. trip primarily focusing on tariff negotiations with Washington.

"I plan to meet intensively with the U.S. side over the next two days. I am also closely reviewing the progress of negotiations involving the U.S. and Japan. I will do my best to ensure a successful trip."

On Friday, South Korea will hold a 2+2 high-level meeting with the U.S., led by Deputy Prime Minister and Finance Minister Koo Yun-cheol and Trade Minister Yeo Han-koo , who left the country earlier.

This is believed to be the last round of negotiations South Korea can realistically pursue, as the tariffs deadline is less than 10 days away.

South Korea and Japan are both among the top 10 countries contributing to the United States' trade deficit.

They also share common export commodities such as automobiles and steel.

Given that Japan sealed the trade deal by cutting reciprocal tariffs by 10 percentage points and lowering automobile tariffs to 15%, a trade strategy expert claims that Japan's trade deal could serve as a benchmark for South Korea.

"From South Korea's point of view, it's a good thing that Japan concluded the deal first — it gives us a target level to aim for in our own talks. However, I believe a more effective approach for South Korea would be to reduce tariffs on sector-specific items, especially in our key export industries."

Regarding the trade delegation's visit to the U.S., a presidential spokesperson said Seoul is closely reviewing the details of the U.S.-Japan deal.

With senior Korean officials currently in Washington, the government is making every effort to secure the most favorable outcome for the country's national interest.

Park Jun-han, Arirang News.