Trade Minister Yeo Han-koo warned about the potentially negative impact of upcoming US tariffs on semiconductors on the country's chip industry.
Minister's Warning on Tariffs
Yeo Han-koo expressed concerns about the forthcoming semiconductor tariffs scheduled to be imposed on August 1. He noted that the government is trying to stifle these tariffs, which could severely damage the export potential of major players like Samsung Electronics and SK Hynix. The minister emphasized that any accord with the US needs to address tariff-related restrictions.
Negotiations with the US and Desire for Agreement
South Korea is actively consulting with relevant ministries and stakeholders to develop a well-prepared proposal regarding tariffs. Minister Yeo also suggested extending the tariff freeze beyond the established deadline. He met with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick to discuss potential concessions and extensions of tariff impositions.
US Pressure and Its Implications
Much of the ongoing negotiations involves pushing South Korea to increase its payments for hosting US troops and to open its agricultural market to imports. Despite this pressure, Minister Yeo underscored the necessity of prioritizing the nation's interests, emphasizing that strategic choices in agriculture are inevitable. He also mentioned that the threat of erratic tariffs comes not only from the US but also impacts global economic relations.
South Korea continues active negotiations with the US, emphasizing the importance of protecting its national interests in light of threatening semiconductor tariffs. The government sees deep consultations as essential for achieving a favorable agreement.
