Lee Gyu-lee is a business writer at The Korea Times, focusing primarily on IT & telecommunications, the Ministry of Trade, Industry and Energy and KOTRA. Prior to this, she has covered a wide range of cultural news, from film, television and K-pop to lifestyle and fashion.
Seasoned trade chief to navigate US tariff challenges
Trade Minister Yeo Han-koo speaks to the local reporters at the Ministry of Trade, Industry and Energy’s office in Sejong, Thursday. Courtesy of Ministry of Trade, Industry and Energy
By Lee Gyu-lee
As the July 8 deadline for the “July package” tariff deal with the United States approaches, Korea’s new administration is gearing up for high-stakes negotiations by appointing a veteran trade expert to lead the charge.
On Tuesday, President Lee Jae-myung named Yeo Han-koo as the new trade minister— a role he previously held from 2021 to 2022 under the Moon Jae-in administration. The appointment is widely viewed as a strong signal of Lee’s commitment to tackling the complex trade challenges ahead.
Yeo brings extensive experience in both bilateral and multilateral trade negotiations, having served as chief negotiator for free trade agreements (FTAs) with the United Kingdom and Central America. He also played a key role in the renegotiation of the Korea-U.S. FTA and in steel tariff negotiations during the first Trump administration.
In that context, experts have voiced strong confidence in Yeo’s appointment.
“From our perspective, the government has made an excellent choice by selecting the most capable and suitable person for this critical role,” said Jang Sang-sik, head of the International Trade Research Institute at the Korea International Trade Association.
“Minister Yeo has spent many years deeply involved in trade issues. Even after stepping down as chief trade negotiator, he continued to engage with U.S. trade dynamics as a senior researcher at a U.S. think tank, giving him a thorough understanding of both the practical and policy landscape in the U.S.”
Then-Trade Minister Yeo Han-koo, second from right, speaks with then-Deputy Secretary of Commerce Don Graves, second from left, during their meeting in Washington, D.C., March 3, 2022. Courtesy of Ministry of Trade, Industry and Energy
Since 2023, Yeo has been serving as a senior fellow at the Peterson Institute for International Economics.
His appointment comes at a crucial moment, as Korea must act swiftly to make headway in negotiations with the U.S. before the Trump administration’s 90-day suspension of “reciprocal” tariffs — imposed in April — expires on July 8.
Despite efforts to maintain dialogue, progress has been limited. Seoul has held two rounds of high-level and working-level consultations with Washington, even amid a leadership vacuum following the impeachment of former President Yoon Suk Yeol in April. However, momentum has slowed, with much of the responsibility now falling to the incoming administration.
Following the second round of technical discussions last month, the trade ministry reported progress in six areas proposed by the U.S. — balanced trade, non-tariff measures, digital trade, economic security, rules of origin and commercial considerations — but noted that no other topics had been discussed or scheduled, leaving further decisions to the new administration.
Another expert, who requested anonymity, emphasized that Yeo’s deep expertise and strong relationships in Washington would be crucial for the upcoming talks.
“He has built a solid professional network in the U.S. Given his background, he is more than qualified for this position. He combines hands-on negotiation experience with strong theoretical knowledge, which is essential for advancing Korea’s trade policy,” the expert said.
“The immediate priority is the Korea-U.S. trade negotiations, but there are other challenges on the horizon. We need someone with both practical skills and strategic depth — and in that regard, I see no weaknesses in his profile.”
As the U.S. makes headway in trade negotiations with other major partners — having recently reached agreements with the United Kingdom and China — Korea must accelerate its efforts to secure favorable terms and protect its economic interests.
“As much as South Korea needs the U.S., the U.S. also needs Korea,” Yeo said in his inaugural speech, Thursday.
He added that he would pursue a “pragmatic” and “national interest-oriented” outcome in trade talks with the U.S., aiming to expand bilateral cooperation in advanced technologies such as artificial intelligence and digital innovation, enhance the global competitiveness of Korean industries, and foster new growth engines for the economy.
During a meeting with reporters in Sejong City after his inauguration, Yeo said he plans to meet with U.S. representatives as soon as possible to initiate full-fledged negotiations.
“We’ve made our request (to meet) and are currently waiting for a response,” he said, adding that he hopes for a prompt third round of trade talks as the U.S. is currently negotiating with 18 other countries simultaneously.
He also noted that the ministry will establish a full-scale response system for Korea-U.S. negotiations, expanding and reorganizing the U.S. negotiation task force to encompass trade, industry and energy.
“We see (this negotiation) as establishing a new framework for broad cooperation, spanning industry, technology and investment across a wide range of fields,” he said, adding that the ministry’s stance in moving forward with the negotiation will reflect the democratic legitimacy and mandate of the new administration.
“We will maintain continuity in negotiations, but as a new administration has taken office, we believe it’s time to bring fresh perspectives and ideas ... (Our) negotiation team’s task is to come up with creative ways to shape mutually beneficial, win-win opportunities for both countries to reach a negotiation.”