South Korea, US agree to seek “tangible results” in trade talks

South Korea’s newly elected President Lee Jae-myung held his first phone call with US President Donald Trump, with both leaders agreeing to work toward "tangible results" in ongoing trade negotiations. 

The discussion follows the Trump administration’s decision to impose a 25 per cent tariff on all imports from South Korea, a move that has stirred tensions between the long-time allies, Caliber.Az reports via Bloomberg. 

“The two presidents agreed to work toward a mutually satisfactory agreement on tariff consultations between South Korea and the US as soon as possible,” presidential spokesperson Kang Yu-jung said in a statement following the conversation on June 6. She added that the two countries would hold “working-level negotiations.”

The trade tariffs, announced on April 2 and temporarily suspended for 90 days, are scheduled to take effect in early July. They represent one of the steepest duties imposed on a US ally and target vital South Korean export sectors, including semiconductors, automobiles, steel, and aluminium. These industries form the backbone of South Korea’s export-driven economy, with shipments to the US accounting for over 40 per cent of its gross domestic product.

Securing a deal with the Trump administration to reduce or remove the tariffs is expected to be one of President Lee’s earliest challenges. Negotiations have made little headway in recent months due in part to a leadership vacuum in Seoul. While the previous administration dispatched trade delegations to Washington, officials had said an agreement was unlikely before the presidential election. Lee, who was elected earlier this week, had previously remarked there was no need to rush into a trade deal.

Beyond trade, the leaders also addressed ways to strengthen the bilateral alliance. Trump invited Lee to visit the US, with both sides considering a meeting soon, Kang said.

Other contentious topics between the two countries include the US  military presence in South Korea and the financial burden of hosting approximately 28,000 American troops stationed on the peninsula. These issues are expected to remain central to future talks.

By Sabina Mammadli