The Tamesis
Efforts by the South Korean government to reduce tariff increases imposed by U.S. President Donald Trump last week appear to have failed.
The country’s trade minister told reporters in Seoul over the weekend that while some “unnecessary misunderstandings” had been resolved, he and other officials were unable to stop Washington from raising tariffs on South Korean exports from 15% to 25%.
Minister of Industry, Trade and Energy Kim Jong-kwan, who flew back to Seoul on Saturday, said he met with U.S. Commerce Secretary Howard Lutnick twice in Washington on Thursday and Friday, but “measures to increase tariffs” [on Korea] It’s already started. “
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President Trump last week raised tariffs on South Korean goods to 25% after asking in a social media post last week why the South Korean legislature failed to approve the tariffs. Last year’s trade deal with President Lee.
The Minister of Trade, Industry and Resources plans to continue talks with Lutnick and other U.S. officials via video calls, and Trade Representative Yang Hanqiu has stayed in the United States for a few more days to meet with U.S. Foreign Minister Jamieson Greer and discuss bilateral issues.
A senior Blue House official said: “The South Korean government will actively demonstrate its willingness to implement the South Korea-US tariff agreement.” Korea JoongAng Ilbo on Sunday.
Focus on parliamentary vote
The South Korean delegation explained that they needed the National Assembly to pass a special law on the massive investments it has vowed to make in the United States (some $350 billion), but Han Jung-ae, chief policymaker of the ruling Democratic Party, said that would not happen until the end of this month or early March.
Trade Minister Kim, who returned to Seoul, said this was a top concern for U.S. officials.
Han Guoyu said that because the transaction lacked legal basis, the government was helpless. But they will try to comply with a National Assembly deadline for a vote at the end of this month.
“If Congress follows the bill’s established timeline, I think negotiations between South Korea and the United States will progress.”
But he said the administration may need to consider other steps to show the United States that South Korea is committed to abiding by the deal.
South Korea said last year that the huge amount of money pledged in October posed a significant risk to its economy and that it would have to limit spending to $20 billion a year starting in mid-2026 to prevent the won from being severely affected, as its currency has been weak.
There is still uncertainty about the transaction because United States Supreme Court There has yet to be a ruling on whether the tariffs imposed by Trump are legal.
In November, Supreme Court Justice express doubt Trump’s authority to impose tariffs is under the International Emergency Economic Powers Act of 1977 (IEEPA), which makes no mention of tariffs, only language regulating imports during a national emergency declared by the US president.
Meanwhile, there are also claims that Trump may have implemented the tariff hikes because he was unhappy with South Korea’s recent regulatory actions against US-listed e-commerce company Coupang, which Coupang complained were unfair and discriminatory.
See also:
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Supreme Court defeat adds uncertainty over Trump tariffs
Modern raids: How visa loopholes leave South Korean workers in limbo
South Korea’s Lee Myung-bak will try to appease Trump with big shipbuilding push
South Korea to invest $350 billion in U.S. energy projects; gets 15% tariff
