South Korea Seeks Tariff Waivers Amid U.S. Trade Negotiations

In an effort to address escalating trade tensions, South Korea's minister of trade, Ahn Deuk-geun, engaged U.S. Trade Representative Jamieson Greer in discussions focused on securing tariff waivers. This meeting is part of broader negotiations tackling key issues such as balanced trade, non-tariff barriers, and economic security. The South Korean delegation is set to visit the United States for technical talks next week.

Convened on the margins of the Asia-Pacific Economic Cooperation meeting in Jeju, the Ahn-Greer bilateral talks mark the second high-level exchange between the nations since negotiations began in April. These discussions aim to finalize a comprehensive trade package by July, touching on critical sectors like investment cooperation and currency policy, although defense costs for U.S. troops remain excluded.

Amid these negotiations, South Korea navigates transitional leadership dynamics, with its education minister currently acting as interim leader until the new president is elected. Despite this, U.S. Commerce Secretary Howard Lutnick expresses caution about rapid agreements, highlighting the complex interests at play. The South Korean central bank recently warned of increased downside risks to economic growth, further intensifying the urgency of these trade discussions.

(With inputs from agencies.)