INTERNATIONAL
South Korea launches task force on US trade negotiations
Shipping containers are seen at Pyeongtaek port in Pyeongtaek, South Korea. - REUTERS/Filepic
SEOUL: South Korea launched on Monday a task force on negotiations with the United States on tariff and non-tariff matters across industry and the energy sector that will also coordinate with the private sector, the Industry Ministry said in a statement.
AI Brief
Minister for Trade Yeo Han-koo, who was appointed last week by the new liberal President Lee Jae-myung, said the team had a major responsibility as "businesses and the public have experienced great difficulties due to U.S. tariff measures."
The task force, made up of industry ministry officials overseeing trade, manufacturing, energy and investment, will coordinate across the government and with the private sector to devise a successful strategy, said Yeo, who will head the group.
Lee, who won a snap election on June 3 and had said during his campaign that there was no need to rush into a trade agreement with the United States, has since said he would speed up talks with Washington.
After Lee held a phone call with U.S. President Donald Trump, his office said the leaders agreed to work towards a deal acceptable to both countries.
South Korea was seeking waiver from tariffs announced by the Trump administration that affect the country's major export industries, including automobiles, steel and semiconductors.
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AI Brief
- South Korea's new president, Lee Jae-myung, is accelerating trade talks with the US despite earlier hesitation.
- A task force led by Trade Minister Yeo Han-koo will coordinate efforts to secure relief from US tariffs on key exports.
- South Korea seeks tariff waivers on cars, steel, and semiconductors, which have been hit hard by Trumps trade measures.
Minister for Trade Yeo Han-koo, who was appointed last week by the new liberal President Lee Jae-myung, said the team had a major responsibility as "businesses and the public have experienced great difficulties due to U.S. tariff measures."
The task force, made up of industry ministry officials overseeing trade, manufacturing, energy and investment, will coordinate across the government and with the private sector to devise a successful strategy, said Yeo, who will head the group.
Lee, who won a snap election on June 3 and had said during his campaign that there was no need to rush into a trade agreement with the United States, has since said he would speed up talks with Washington.
After Lee held a phone call with U.S. President Donald Trump, his office said the leaders agreed to work towards a deal acceptable to both countries.
South Korea was seeking waiver from tariffs announced by the Trump administration that affect the country's major export industries, including automobiles, steel and semiconductors.