Industry minister says will put 'consultations before hasty deal' in US tariff talks

Industry Minister Ahn Duk-geun speaks during an interpellation session on the economy at the National Assembly in Seoul, Tuesday. Yonhap

South Korean Industry Minister Ahn Duk-geun said Sunday he will put priority on consultations instead of making a hasty deal in high-level tariff talks between Seoul and Washington.

In a TV program by Korea Broadcasting System, the minister added a Korean delegation, likely to visit the U.S. this week for tariff negotiations, will take a cautious approach in the upcoming talks.

"We will focus on resolving pending issues reciprocally for mutual benefits as there are things that need to be checked rather than hastily wrapping up a deal," he said.

The minister said the Korean delegation will make utmost efforts to secure an exemption from U.S. tariffs on automobiles and semiconductors, the country's two key export items to the United States.

U.S. President Donald Trump imposed country-specific reciprocal duties on around 60 countries, including 25 percent tariffs for South Korea.

The duties have been suspended for 90 days, allowing the subjected countries, except for China, to engage in negotiations with Washington.

South Korea is among the five preferred nations designated by the U.S. for tariff negotiations. The remaining four are Britain, Australia, Japan and India.

"The Trump government's tariff policies are not over yet. Tariffs are expected to remain major issues throughout his entire second term. Given this, the government needs to continue to have negotiations over tariffs," he said.

As for a possible inclusion of the cost of stationing the U.S. Forces Korea (USFK) in the talks, the minister said the U.S. government has made no such request.

Government agencies in charge of talks on defense cost sharing will respond should the U.S. side make such a request, Ahn added.

Asked about South Korea's potential participation in an envisioned liquefied natural gas (LNG) infrastructure project in Alaska, he said the government will consider participating in the project due to energy security reasons.

But a cautious approach is also needed as the U.S. has not released any detailed development plans, the minister said.