(Bloomberg) — South Korea called for a “mutually beneficial” agreement on trade with the US during its new trade minister’s first trip to Washington this week.
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Yeo Han-koo held talks that concluded Friday with US Commerce Secretary Howard Lutnick, Trade Representative Jamieson Greer and Interior Secretary Doug Burgum, as well as several lawmakers in Washington, ahead of the July 9 deadline to reinstate higher tariffs paused in April.
Yeo introduced new South Korean President Lee Jae Myung’s policy and reaffirmed his commitment to reaching a deal for both sides, according to the ministry in a statement released Saturday.
“The ongoing negotiations are not merely for tariffs but also an opportunity to establish a new framework for future cooperation,” Yeo said in the statement. “We will fiercely engage in the discussions to ensure the two countries’ momentum for cooperation won’t be undercut by the tariffs, and to turn the current crisis into an opportunity.”
South Korea is a key US ally and major manufacturing hub for cars, semiconductors and batteries. If the 25% across-the-board levies are implemented, that would further undermine an economy that is already facing slowing domestic consumption. The central bank last month slashed its 2025 GDP growth forecast to 0.8% from 1.5%.
Yeo also conveyed industry concerns about recent developments in US export control policy, as Washington tightens restrictions on technology transfers to competitors such as China.
Lutnick, speaking on Bloomberg Television, said Washington is working to finalize more trade deals with 10 other countries in the coming two weeks in line with the July 9 deadline, though he did not specify which nations. He also said Trump could extend the deadline to facilitate talks, and that negotiating partners will get a “response.” A senior South Korean official, speaking to reporters in Washington, said Seoul has not yet been informed of any extension and is not in a situation to “feel assured,” according to Yonhap News.
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