South Korean Industry Minister Ahn Duk-geun and US Commerce Secretary Howard Lutnick agreed to establish a working-level consultation channel to address US tariff measures during their first industry ministerial meeting in Washington, Thursday (local time).
Ahn traveled to the US for the first ministerial-level meeting between Seoul and Washington since US President Donald Trump's return to the White House on Jan. 20
During the meeting, Ahn requested the US to exclude Korea from US tariffs and discussed ways to enhance cooperation in the shipbuilding industry, according to the Industry Ministry.
The two sides also reached an agreement to establish a consultation channel dedicated to tariff-related issues.
The meeting, which lasted for over an hour, was conducted in a positive and cooperative atmosphere, according to ministry officials. South Korean Ambassador to the US Cho Hyun-dong also attended the meeting.
Ahn conveyed Korea's intention to expand imports of US energy resources including natural gas and crude oil, as part of efforts to balance trade between the two countries. The US is recording its eighth-largest trade deficit with Korea.
The Trump administration is ramping up tariff pressures and has announced a 25 percent customs duty on steel and aluminum, as well as reciprocal tariffs. This alarmed Korean companies as they are currently exporting tariff-free within the quota system.
"Ahn's visit to the US is focused on reinforcing the idea that Korea is a long-term industrial partner for the US government and establishing a platform for follow-up discussions," an Industry Ministry official said.
Upon arrival in Washington on Wednesday, Ahn had told reporters that Korea has a Free Trade Agreement with the US and that both sides have established nontariff barriers through mutual agreements.
"Korea has a Free Trade Agreement with the US, and we have already clarified our stance on nontariff barriers," Ahn said. Trump has argued that these barriers limit US exports and reduce profitability.
Ahn also said energy imports are "key negotiating factors" for Korea.
“Other countries in similar positions are also reviewing plans to increase energy imports from the US. We are considering this option, as diversifying energy sources is mutually beneficial for energy security," Ahn told reporters on Wednesday.
Ahn's trip to Washington, which runs until Friday, includes meetings with US Trade Representative Jamieson Greer and senior White House trade and energy policymakers.
herim@heraldcorp.com
