South Korea has reached out to the Trump administration urging that upcoming trade negotiations proceed calmly and without chaos.
Discussion of Key Issues at the Meeting
During the '2+2' meetings held in Washington, D.C., South Korea's Finance Minister Choi Sang-mok and Trade Minister Ahn Dukgeun met with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer.
Choi noted that the discussions would focus on four key areas: tariff and non-tariff measures, economic security, investment cooperation, and monetary policies.
South Korea's Proposals
Meanwhile, Ahn laid out his proposals during the same meeting, asking the US to work with Korea on rebuilding America’s shipbuilding industry, something both countries could gain from.
He also emphasized the need for more balanced trade and item-specific exemptions from incoming tariffs.
Economic Situation in Korea
Currently, Korea is not entirely shielded from Trump's tariffs, facing a 25% tax on steel and aluminum exports to the US, as well as another 25% tariff on car imports, which poses a significant problem for companies like Hyundai and Kia.
According to recent data, Korea's economy shrank 0.1% year over year in the first quarter of 2025, marking the first decline since late 2020.
South Korea stands at a crucial juncture in its trade negotiations with the US amidst political uncertainty and economic challenges, which necessitate attention to their future developments.
