South Korea bats for ‘constructive alternative amid Trump tariff concerns

Washington (The Uttam Hindu): South Korea's industry minister expressed confidence that Seoul and Washington will be able to find a "constructive" and "win-win" alternative, as the Donald Trump administration is working to impose "reciprocal" tariffs on US imports to match what other countries slap on American goods.

Industry Minister Ahn Duk-geun made the remarks as he arrived in the United States for talks with US Commerce Secretary Howard Lutnick to discuss U.S. plans to impose tariffs and bilateral cooperation in the shipbuilding industry, cutting-edge industries, energy and other strategic sectors, reports Yonhap news agency.

His trip marks the first visit to Washington by a ministerial Seoul official since President Donald Trump took office last month. It comes amid concerns over Trump's plans to impose 25 percent tariffs on all steel and aluminum imports and introduce reciprocal tariffs, and his consideration of new tariffs on cars, chips and pharmaceuticals.

"When we proceed with specific consultations with the U.S. side, I believe that we can dispel various misunderstandings and craft a constructive alternative," he told reporters upon arrival at Dulles International Airport near Washington.

"Our country, in generalities, has the Korea-U.S. free trade agreement (FTA), and we are in a situation where most of the issues, including non-tariff barriers, have been addressed through the (past) FTA renegotiation process," he added.

The minister was responding to a question over the Trump administration's announcement that it will customise reciprocal tariffs based on trading partners' tariffs, non-tariff barriers, exchange rate policies and other elements, such as their "unfair, discriminatory or extraterritorial" taxes, including a value-added tax.

Ahn stressed that his visit this time is aimed at finding the "best" option to protect South Korean businesses and deepening the bilateral partnership on strategic industrial sectors.

"I feel an immense sense of responsibility as (Trump's tariff policy) is a matter of very great national interest at this point, to which South Korean industries have paid great attention," he said.

"As we experienced when responding to the Inflation Reduction Act, I believe that we will be able to devise a constructive, win-win alternative as we engage in consultations with the U.S. government going forward."

He noted that his negotiations with the U.S. this time will not be the last.

"By making good occasions (for talks in the future), I will ensure that we will work together with the U.S. to craft an industrial ecosystem in the cutting-edge technology sector, and create a good opportunity for the two nations to jointly enable the growth of the two nations' industries by strengthening the bilateral partnership," he said.

The minister also said that the agenda for his talks with Lutnick includes a plan to establish a new industrial cooperation platform between the two countries.