South Korea looks to maximise 'practical interests' in trade talks with US: Trade Minister

Washington, July 6 (IANS) South Korea's Trade Minister Yeo Han-koo on Saturday stressed Seoul's focus on maximizing "practical interests" in ongoing trade talks with the United States, as he arrived in Washington with just days left before US President Donald Trump's pause on steep tariffs expires.

Speaking to the press, Yeo noted that "all possibilities" appear to remain open, saying that the pause on "reciprocal" tariffs could be extended beyond Tuesday and that the two countries could also reach a broad agreement in principle rather than a full-fledged trade deal.

Yeo's arrival came a little over a week after his last trip to the US capital, underscoring the new South Korean government's commitment to striking a trade deal with the Trump administration. He was set to resume talks with US Trade Representative Jamieson Greer on the day.

"Even if (the US) unveils a new reciprocal tariff rate for each country, including South Korea, following the expiry of the July 8 pause on the tariffs, we anticipate that there could be a little (additional) period of pause," he told reporters as he walked out of a train station in Washington following his arrival in New York the previous day.

"All possibilities remain open," he pointed out, saying that the likelihood of the two sides reaching a deal "in broad terms" cannot be ruled out, though concluding a formal deal on every detail over the next three days appears difficult.

"We judge that the current situation is urgent ... In fact, many things are uncertain and fluid at this point," Yeo said. "Through today's negotiations, we want to figure out more details about the US' plan, and will engage in negotiations with a focus on finding ways for us to maximize practical interests."

On April 2, Trump announced reciprocal tariffs, including 25 per cent duties on South Korea, in a move to match what other countries impose on American goods. The tariffs took effect on April 9, but he paused them for 90 days on the day to allow time for negotiations, reported Yonhap news agency.

Aside from reciprocal tariffs, South Korea is also seeking to minimise the impact of sector-specific tariffs on automobiles, steel and aluminium.

"We think that a relatively more difficult area is the sectoral tariff issue given that the US regards it as important from the standpoint of its industrial protection," he said. "But we have repeatedly emphasized that it is crucial (for South Korea) to get exceptions or ensure that the rates are significantly reduced, and we plan to reiterate that again today."

Despite uncertainty over the trade negotiations, Yeo painted a positive outlook for the future of bilateral industrial cooperation.

"Areas where chances of mutual cooperation are high are artificial intelligence, automobiles, batteries, energy and the bio sector. They are areas where the US needs great cooperation in its efforts to rebuild its manufacturing, and (I) think South Korea has a unique value in those areas," he said.

"We seek 'positive-sum' negotiations by putting together issues of industrial and technological cooperation between South Korea and the US for the mid-and long-term period of four to five years alongside tariff talks."

Yeo's visit to Washington came as South Korea's National Security Adviser Wi Sung-lac is set to arrive in the US capital on Sunday for a three-day trip in what appears to be a move by President Lee Jae Myung's administration to ensure smooth cooperation between the two allies.

On Friday, Trump said he would send letters to 12 countries, specifying their tariff rates, on Monday. Asked if South Korea is among the 12 countries, Yeo said, "(I) don't know."

--IANS

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