Settings

ⓕ font-size

  • -2
  • -1
  • 0
  • +1
  • +2

Industry minister angles for 'constructive,' 'win-win' alternative amid Trump tariff concerns

  • Facebook share button
  • Twitter share button
  • Kakao share button
  • Mail share button
  • Link share button
Industry Minister Ahn Duk-geun speaks to the press upon arrival at Dulles International Airport near Washington, D.C.,  Feb. 26. Yonhap

Industry Minister Ahn Duk-geun speaks to the press upon arrival at Dulles International Airport near Washington, D.C., Feb. 26. Yonhap

Korea's industry minister expressed confidence Wednesday that Seoul and Washington will be able to find a "constructive" and "win-win" alternative, as the Trump administration is working to impose "reciprocal" tariffs on U.S. imports to match what other countries slap on American goods.

Industry Minister Ahn Duk-geun made the remarks as he arrived in the United States for talks with U.S. Commerce Secretary Howard Lutnick to discuss U.S. plans to impose tariffs and bilateral cooperation in the shipbuilding industry, cutting-edge industries, energy and other strategic sectors.

His trip marks the first visit to Washington by a ministerial Seoul official since President Donald Trump took office last month. It comes amid concerns over Trump's plans to impose 25 percent tariffs on all steel and aluminum imports and introduce reciprocal tariffs, and his consideration of new tariffs on cars, chips and pharmaceuticals.

"When we proceed with specific consultations with the U.S. side, I believe that we can dispel various misunderstandings and craft a constructive alternative," he told reporters upon arrival at Dulles International Airport near Washington.

"Our country, in generalities, has the Korea-U.S. free trade agreement (FTA), and we are in a situation where most of the issues, including non-tariff barriers, have been addressed through the (past) FTA renegotiation process," he added.

The minister was responding to a question over the Trump administration's announcement that it will customize reciprocal tariffs based on trading partners' tariffs, non-tariff barriers, exchange rate policies and other elements, such as their "unfair, discriminatory or extraterritorial" taxes, including a value-added tax.

Ahn stressed that his visit this time is aimed at finding the "best" option to protect Korean businesses and deepening the bilateral partnership on strategic industrial sectors.

"I feel an immense sense of responsibility as (Trump's tariff policy) is a matter of very great national interest at this point, to which Korean industries have paid great attention," he said.

"As we experienced when responding to the Inflation Reduction Act, I believe that we will be able to devise a constructive, win-win alternative as we engage in consultations with the U.S. government going forward."

This picture taken on Feb. 13 shows steelworks of Korea's largest steelmaker POSCO in Pohang. AFP-Yonhap

This picture taken on Feb. 13 shows steelworks of Korea's largest steelmaker POSCO in Pohang. AFP-Yonhap

He noted that his negotiations with the U.S. this time will not be the last.

"By making good occasions (for talks in the future), I will ensure that we will work together with the U.S. to craft an industrial ecosystem in the cutting-edge technology sector, and create a good opportunity for the two nations to jointly enable the growth of the two nations' industries by strengthening the bilateral partnership," he said.

The minister also said that the agenda for his talks with Lutnick includes a plan to establish a new industrial cooperation platform between the two countries.

In addition, he touched on energy cooperation with the U.S.

"Many countries, in a similar situation, talk of increasing the volume of U.S. energy exports," he said. "Korea also plans to actively take that into consideration as there are various areas that are mutually beneficial in light of diversifying energy import sources and energy security." (Yonhap)



X
CLOSE

Top 10 Stories

go top LETTER