This week, important trade talks will take place in Washington between South Korea and the United States. These meetings are organized at the request of the American side amid growing pressure from tariffs and currency volatility.
Goals of Trade Talks
South Korea, represented by Finance Minister Choi Sang-mok and Trade Minister Ahn Duk-geun, is looking to discuss the 25% import tariff announced by President Donald Trump. This decision has been temporarily suspended, but Seoul insists on reducing or completely eliminating it to avoid worsening export issues.
Remaining Economic Policies
In these negotiations, current changes in tariffs and external economic policies will be discussed. South Korea’s delegation is expected to emphasize the need for preventive measures related to shifts in global markets and potential political instability.
Financial Situation in South Korea
The Bank of Korea has kept its key policy rate unchanged at 2.75% amidst high economic uncertainty. Economic growth is anticipated to fall below the previous forecast of 1.5%. These forecasts are tied to slowing exports and weakened domestic demand.
The trade talks between South Korea and the U.S. are critical in the face of current economic challenges. Attention to tariff issues and financial stability will determine the future of the countries in dynamic global conditions.
