Korea makes all-out effort for tariff deal with US

The key government and business officials tasked with tariff negotiations with the United States include, from left, National Security Adviser Wi Sung-lac, Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan, Foreign Minister Cho Hyun, Trade Minister Yeo Han-koo and former Korea Chamber of Commerce and Industry Chairman Park Yong-maan, who was appointed to lead a team of special presidential envoys to Washington. Korea Times files

Korea is making an all-out effort in its tariff negotiations with the United States, with newly appointed ministers and special presidential envoys traveling to Washington this week, following visits by the nation's top security adviser and lawmakers from both major parties.

With Washington rejecting any further delay of the "reciprocal" tariffs expected to take effect on Aug. 1, Seoul is making a last-ditch effort by mobilizing all available political, administrative and business figures to convince the Donald Trump administration to work together on a new deal within the next 10 days.

According to government sources on Monday, Finance Minister Koo Yun-cheol and Industry Minister Kim Jung-kwan plan to head to Washington as early as Tuesday to conduct a two-plus-two trade dialogue with their U.S. counterparts — U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.

High-level talks involving the finance and trade ministers have not been held since April, when negotiators from the former Korean administration agreed to work toward a "July package." The agreement lapsed after the U.S. extended the July 8 deadline in a letter that stated Korea would be subject to a 25 percent reciprocal tariff after Aug. 1.

There is speculation that Trade Minister Yeo Han-koo, who visited Washington twice since taking office last month, may make another trip this week to support Koo and Kim.

During the upcoming meetings, the Korean side is expected to emphasize the importance of bilateral cooperation in shipbuilding and manufacturing, while the U.S. is likely to call for the removal of what Trump describes as nontariff barriers. These include quarantine measures for U.S. agricultural imports, proposed rules for regulating monopolistic online platforms and a ban on foreign tech companies storing high-precision map data on overseas servers.

"As soon as we arrange a meeting with the U.S. side, I will explain Korea's position and seek their understanding so that the negotiations will proceed in a manner aligned with our national interest and practical needs," Koo told reporters Monday after his Cabinet member appointment ceremony.

Industry Minister Kim Jung-kwan, fifth from right, speaks to officials from major business associations and economics experts, during an emergency meeting on the strategy for trade negotiations with the Trump administration at the Korea Chamber of Commerce and Industry in Seoul, Monday. Newsis

Kim also acknowledged several serious concerns regarding the tariff talks. His remarks came amid growing backlash from local farmers against the government lowering trade barriers for U.S. agricultural imports.

"In collaboration with relevant ministries, we are refining our negotiation strategy and going all out to ensure the trade talks are concluded smoothly," he said during an emergency meeting with business associations and economics experts before his inauguration.

Foreign Minister Cho Hyun is also planning to visit Washington this week to meet U.S. Secretary of State Marco Rubio.

Speaking to reporters ahead of his inauguration, he stressed that talks with the U.S. should not be seen as a zero-sum game, but approached from a broader perspective to further strengthen the bilateral alliance.

"I think we should work to find a win-win solution," Cho said. "We need to thoroughly examine all aspects of comprehensive packages."

A team of special presidential envoys led by former Korea Chamber of Commerce and Industry (KCCI) Chairman Park Yong-maan also plans to leave for the U.S. as early as Wednesday.

Members of the Korea-U.S. Parliamentarians' Union arrive at Washington Dulles International Airport in Dulles, Va., Sunday (local time). Courtesy of Embassy of the Republic of Korea in the USA

On Sunday, National Security Adviser Wi Sung-lac and lawmakers from the Korea-U.S. Parliamentarians' Union arrived in Washington.

Attention is focused on whether Wi will discuss defense cost-sharing measures with the U.S. to lower tariff rates on Korean products from the 25 percent Trump has threatened.

The lawmakers plan to visit the state of Georgia, home to several factories for Korean companies, to urge the state governor and local politicians to make their voices heard at the White House.

"We may also meet officials from the U.S. state and commerce departments," said Rep. Na Kyung-won of the main opposition People Power Party, a member of the delegation.

However, Asia Society Policy Institute Vice President Wendy Cutler, who formerly led U.S. negotiations for the free trade agreement with Korea, warned that too many ministers' visits could hinder trade talks.

"That runs a risk as well because if you have too many channels and too many cooks, then it just is harder to corral everything together," she said.

Korean business leaders have urged the government to carefully consider what Trump truly wants.

Federation of Korean Industries Chairman Ryu Jin told reporters Friday that now is the time for Korea to concede, in order to gain a "head start" over other countries.

KCCI Chairman Chey Tae-won said Thursday the government should try to understand the hidden intentions behind Trump's remarks. However, Chey remained skeptical about agricultural concessions alone significantly reducing Korea's trade surplus with the U.S.

If Seoul fails to strike a deal with Washington before Aug. 1, Korean goods are likely to face higher tariffs, although the two countries will continue with negotiations.

"The bigger economies will either open themselves up or they'll pay a fair tariff to America for not opening themselves up and treating America unfairly," U.S. Commerce Secretary Howard Lutnick said Sunday (local time).

"Nothing stops countries from talking to us after Aug. 1, but they're going to start paying the tariffs on Aug. 1."