Korean minister asks for reduced US tariffs in meeting with Lutnick

This photo shows Korean Trade Minister Yeo Han-koo, right, shaking hands with U.S. Commerce Secretary Howard Lutnick in Washington, D.C., U.S., Monday. Courtesy of the Ministry of Trade, Industry and Energy

Korea's top trade official has asked the U.S. Donald Trump administration to lower its sectoral tariffs on automobiles, steel and other items for Korean companies in a meeting with U.S. Commerce Secretary Howard Lutnick in Washington, Seoul's trade ministry said Tuesday.

Trade Minister Yeo Han-koo met with Lutnick in Washington on Monday (U.S. time) to discuss a wide range of trade issues between the two countries, including tariffs and industrial cooperation, according to the Ministry of Trade, Industry and Energy.

In the meeting, Yeo highlighted Seoul's commitment to advancing manufacturing partnership with the U.S., calling on the Trump administration to give "favorable treatment" to Korean companies when imposing tariffs on imported cars, steel and other products, the ministry said.

Over the weekend, Yeo also met with U.S. Trade Representative Jamieson Greer and proposed measures to establish a "mutually beneficial" manufacturing cooperation framework between the two countries.

Korea has now three weeks to conclude trade negotiations with the U.S. as Trump decided to extend the pause on reciprocal tariffs for his country's major trading partners, initially set to expire Tuesday, to Aug. 1, to allow for further trade negotiations.

Seoul has been seeking full exemption from or reduction of U.S. reciprocal tariffs and sectoral duties on imported cars, steel and other products by crafting a package deal on tariffs, non-tariff measures, industrial cooperation and other trade issues.