“Consultations are being made on a US proposal and are currently adjusting the schedule and agenda details,” the official said.
South Korea and the US are scheduled to discuss trade in Washington this week at the Trump administration’s request, Seoul’s Trade Department said on April 20.
South Korean Finance Minister Choi Sang-mok and Trade Minister Anne Duk Ghosn will meet with US Trade Representative Jamie Song Greer and Secretary of Treasury, alongside the International Monetary Fund and the World Bank’s Spring Conference.
“Consultations are undertaken at a US proposal and are currently adjusting the schedule and agenda details,” the statement said.
South Korea is considering negotiating with the US after President Donald Trump announces 25% mutual tariffs in East Asian countries. He then rounded out 10% tariffs over a 90-day period for most US trading partners, and made time to renegotiate trade deals with the US.
Ahn said he is scheduled to leave Seoul on Wednesday but did not specify agenda for the meeting or provide additional details.
The conference is set to negotiate with the US as one of the first countries to negotiate with South Korea after new tariffs are imposed, including baseline tariffs and mutual tariffs that have reached 145% on Chinese imports.
Industry-related tariffs including 25% collection on automobile, steel and aluminum imports will also affect South Korea.
Anne’s visit to Washington follows Japan’s public negotiations with the US over tariffs last week. Japan’s leading negotiator, Ryosei akazawa, said the debate did not lead to an immediate suspension of tariffs, but Japan and the US plan to hold a second round of talks later this month.
South Korea’s economy is vulnerable to potential trade losses from US tariffs, especially as it comes from exports of products from around the world, especially in the US market.
In February, South Korea saw a year-on-year increase in exports driven primarily by increased exports to the US, Singapore and Vietnam, the report said.
Between January and February, South Korea’s exports increased by 6.47%, or $3.17 billion, while imports from other countries fell by 5.26%.
In 2023, South Korea was the 14th largest global economy based on gross domestic product (GDP) and fifth in total exports.
Reuters contributed to this report.
