Industry ministry launches task force on US tariff talks under new administration
Korean Trade Minister Yeo Han-koo speaks at his inauguration ceremony held at the Government Complex Sejong in Sejong, June 12. Yonhap
The Korean government launched a new task force Monday to better prepare for the ongoing trade negotiations with the United States on tariff and other related issues, Seoul's industry ministry said.
The task force will be headed by new Trade Minister Yeo Han-koo, according to the Ministry of Trade, Industry and Energy.
It will be in charge of crafting a package deal, which Seoul hopes will include a significant reduction of U.S. duties on Korean goods.
Yeo is the first trade minister of President Lee Jae-myung, who took office earlier this month, replacing ousted former President Yoon Suk Yeol.
Seoul's working-level delegation for technical discussions with Washington will be led by Park Jung-sung, deputy minister for international trade and investment.
The ministry said it also plans to initiate necessary procedures under the trade treaty law, such as a public hearing, for trade negotiations with the U.S.
"We will do our utmost to bring together the public and private sectors, as well as related government ministries, to achieve successful negotiation results with the U.S.," Yeo said, noting that Washington's tariff policies are posing many difficulties for Korean companies and the people.
Korea has been engaging in trade negotiations with the U.S. on tariffs, non-tariff measures and other issues, with the two sides having agreed to craft a package deal by July 8 — when the Donald Trump administration's 90-day suspension of "reciprocal" tariffs will end.
The U.S. administration slapped South Korea with 25 percent reciprocal tariffs in early April, raising issues with Seoul's big trade surplus with Washington and non-tariff trade barriers, such as an import ban on American beef from cattle aged 30 months or older and restrictions on the overseas transfer of the country's high-precision map data.