As an export-oriented country, South Korea is severely affected by US tariffs. But it looks like both countries can agree on an agreement before Trump’s 90-day customs break expires.
According to both countries, South Korea and the United States have agreed on the basics of a customs package. “We may be making faster than I thought,” said US Finance Minister Scott Bessent after the first round of trade talks in Washington. It is about the tariffs that Trump imposed at the beginning of the month and had exposed to 90 days a little later.
Besser and the sales representative Jamieson Greer met in Washington with the South Korean finance minister Choi Sang Mok and the Minister of Industry Ahn Duk Geun. None of the two sides provided information about possible areas of their agreement.
Cooperation opportunities In shipbuilding
South Korea said that an agreement with the US government was expected before the 90-day customs break. It is assumed that the two sides have agreed to lace up a “July package” that is supposed to aim to abolish the tariffs, South Korea’s finance minister Choi is quoted by the official news agency Yonhap.
According to Yonhap, the South Korean government representatives have promised cooperation opportunities in the shipbuilding industry and investments in the United States during the negotiations. Similar to Germany, South Korea is strongly export -oriented. The negative effects of tariffs on the country’s economy are correspondingly large.
Trump had imposed additional tariffs against numerous countries in early April – with economically and mathematically highly questionable reasons and massive consequences for the global economy. Later he ordered a 90-day break of the serves. Special tariffs of up to 145 percent still apply only on products from China.
