On the sidelines of a pivotal APEC assembly convened on South Korea’s Jeju Island, South Korea is poised to recommence tariff negotiations with Washington on Friday, an official confirmed to AFP, as ministers actively seek engagements with U.S. Trade Representative Jamieson Greer.
Trade ministers representing the leading economies within the Asia-Pacific Economic Cooperation (APEC) are convening amidst growing apprehension regarding the stability of the global trading system, particularly following the recent imposition of substantial tariffs by U.S. President Donald Trump on a majority of its trading partners.
AFP correspondents observed a flurry of diplomatic activity as ministers endeavored to meet with Mr. Greer, who has been engaged in a series of bilateral discussions.
Among those seeking dialogue was China’s international trade representative, Mr. Li Chenggang, a meeting occurring shortly after the two nations reached an agreement in Geneva to temporarily suspend retaliatory tariffs for a 90-day period.
Mr. Greer is also scheduled to engage in discussions with South Korean Minister of Trade and Industry Ahn Duk-geun on Friday, according to a South Korean government official who spoke with AFP. Seoul is hopeful for significant advancements in these talks to mitigate the impact of President Trump’s considerable tariffs.
The two officials previously met in Washington in late April, during which South Korea proposed a “July Package” aimed at achieving the removal of tariffs.
South Korea recorded a substantial $66 billion trade surplus with the United States in the preceding year, ranking behind only Vietnam, Taiwan, and Japan, thereby positioning it as a significant target of President Trump’s trade policies.
Highly reliant on exports, South Korea has been significantly impacted by the 25 percent tariffs imposed by President Trump on automobiles in early April. The automotive sector accounts for 27 percent of South Korea’s exports to the United States, which absorbs nearly half of the nation’s car exports.
President Trump announced additional “reciprocal” tariffs of up to 25 percent on South Korean exports last month, but subsequently suspended their implementation until early July.
Seoul intends to leverage these discussions by offering commitments to increase purchases of U.S. liquefied natural gas (LNG) and by providing support in the shipbuilding industry, a sector where South Korea holds a leading global position, second only to China.
Earlier on Friday, Mr. Greer met with Mr. Chung Ki-sun, the vice chairman of HD Hyundai, the parent company of South Korea’s largest shipbuilding enterprise.
In a statement, HD Hyundai indicated that this meeting marked the first instance of a U.S. trade representative engaging with South Korea’s shipbuilding industry, adding that discussions encompassed potential collaboration with U.S. shipbuilder Huntington Ingalls Industries.
Mr. Greer is also scheduled to meet with the CEO of South Korean shipbuilder Hanwha Ocean, a company that provides maintenance, repair, and overhaul services for vessels of the U.S. Navy.
Shares of Hanwha Ocean experienced a rise of nearly three percent on Friday morning, while HD Hyundai Heavy Industries saw gains of as much as 3.6 percent.
