In response to President Donald Trump’s announcement of potential tariff increases on South Korean automobiles and other products, Minister of Trade, Industry, and Energy Kim Jeong Kwan plans to visit the United States. He aims to assess the situation firsthand and engage in discussions with U.S. Secretary of Commerce Howard Rutnik.
The Ministry of Trade, Industry, and Energy said in an official statement on Tuesday that it was currently evaluating the U.S. announcement, adding that it planned to discuss response strategies at a meeting with relevant departments to be chaired by the Blue House chief of staff.
The South Korean government is committed to thoroughly examining the context and specific intentions behind the U.S. announcement. They aim to calibrate their response to prevent unnecessary escalation of trade tensions between the two nations. Notably, the government plans to articulate South Korea’s position through direct ministerial-level talks and explore avenues for future negotiations.
As a result, Minister Kim, who is currently in Canada, will adjust his itinerary to travel directly to the United States for high-level discussions with the U.S. administration. During his visit, he is expected to meet with Secretary Howard Lutnick to gain insight into the U.S. perspective on recent issues and seek solutions within the framework of South Korea-U.S. trade cooperation.
Earlier that day, the Blue House convened a meeting led by Chief of Staff Kim Yong Beom to review the situation. Deputy Prime Minister and Minister of Economy and Finance Ku Yun Cheol is scheduled to meet with Lee Im Ja, Chair of the National Assembly’s Economic Planning Committee, later in the day. He plans to urge swift action on the “Special Act on Strategic Investment Management between South Korea and the U.S.” (Special Act on U.S. Investment), which is currently pending in the National Assembly. The government intends to implement a phased response based on the outcomes of future negotiations and any subsequent actions from the U.S. side.
On Monday, President Trump declared via his social media that the South Korean National Assembly had failed to implement the trade agreement. He announced plans to increase mutual tariffs on automobiles, timber, and pharmaceuticals from 15% to 25%.
Trump questioned why the National Assembly had not approved the trade agreement signed with President Lee Jae Myung. At present, the Special Act on U.S. Investment, a follow-up measure to the South Korea-U.S. trade agreement, remains pending in the Assembly’s Economic Planning Committee.