Washington: South Korea has proposed measures to establish a "mutually beneficial" industrial cooperation framework with the United States in bilateral talks on tariffs and other trade issues. The Ministry of Trade, Industry and Energy announced that Trade Minister Yeo Han-koo made this proposal during his meeting with US Trade Representative Jamieson Greer in Washington yesterday.
According to Bahrain News Agency, Yeo presented Seoul's vision for bilateral cooperation in the manufacturing sector and for building a complementary supply chain partnership. He underscored that the elimination or reduction of US tariffs on key goods such as cars and steel should be included in the final trade agreement between the two countries.
Both sides discussed extending the suspension of 25 percent reciprocal tariffs imposed on South Korea by the Donald Trump administration to allow for more substantive trade negotiations. The temporary suspension is set to end next Tuesday.
South Korea is seeking full exemption from or reduction of US reciprocal tariffs and sectoral duties on imported cars, steel, and other products by crafting a comprehensive deal on tariffs, non-tariff measures, industrial cooperation, and other trade issues.