SEOUL: South Korea‘s Industry Minister Kim Jung-kwan stated on Wednesday that additional discussions with Washington are necessary to finalize the timing of promised tariff cuts on the country’s auto exports to the US, currently set at 25%.
President Donald Trump announced last week that the US would impose a 15% tariff on imports from South Korea, including automobiles, as part of a broader agreement aimed at easing trade tensions. The reduced tariffs are scheduled to take effect starting Thursday.
South Korean automakers, including Hyundai Motor and Kia, are urging swift implementation of the tariff reduction to ensure fair competition with Japanese and European rivals. Meanwhile, Japan’s chief tariff negotiator, Ryosei Akazawa, is set to visit Washington this week to push for an executive order to lower tariffs on Japanese auto imports.
In the technology sector, Minister Kim confirmed ongoing discussions regarding online platform legislation to prevent unfair treatment of US tech firms compared to domestic companies. “While digital issues were not part of the latest agreement, they remain a significant concern for the US government, Congress, and businesses,“ he said during a parliamentary session.
Kim also clarified that no agreement had been reached on opening South Korea‘s agricultural market, covering products such as beef, rice, and fruit. However, both nations agreed to enhance cooperation in quarantine procedures for fruits and vegetables, which the US has identified as a non-tariff barrier affecting American farmers.
Finance Minister Koo Yun-cheol noted that the US has criticized South Korea’s quarantine process as overly slow and requested a more streamlined, science-based approach. – Reuters
