Korea to boost shipbuilding, energy cooperation with US for tariff negotiations: trade minister

Korean Trade Minister Cheong In-kyo, left, attends a meeting at the govenment complex in Seoul, Wednesday. Yonhap

Korea will work to bolster its cooperation with the United States in the shipbuilding and energy sectors, Seoul's trade minister said Wednesday, ahead of upcoming negotiations over U.S. import tariffs.

The government earlier said such cooperation may serve as a bargaining chip in the tariff negotiations after U.S. President Donald Trump highlighted Seoul's interest in a multi-billion dollar liquefied natural gas (LNG) project in Alaska.

"The government will put in all-out efforts to make the most of the 90-day grace period by refining our response strategy for (tariff) negotiations with an aim of securing our national interests," Trade Minister Cheong In-kyo said in a meeting with the trade policy advisory committee.

"We will consolidate economic cooperation between the two countries in shipbuilding, energy and other areas of mutual interest," he added, stressing that the U.S. is Korea's "most important" ally.

The Trump administration implemented its country-specific reciprocal tariff scheme, including a 25 percent duty for Korea, earlier in the month, only to have it suspended for 90 days hours later.

Washington has since said it will hold trade negotiations with major trading partners. Negotiations between Korea and the U.S. are scheduled to be held next week.