Tariff talks continue as South Korea seeks waiver from US duties

South Korea and the United States are pushing to finalise a trade deal on tariffs and broader economic cooperation by the previously agreed July 8 deadline, but domestic political turmoil in Seoul could delay the timeline, officials said on May 16.

Trade Minister Ahn Duk-geun, speaking after a meeting with US Trade Representative Jamieson Greer, said both sides would hold technical consultations next week, with a ministerial follow-up meeting expected in June, Caliber.Az reports, citing foreign media. 

“We will do our best to meet the timeline, but we expect that it may be adjusted slightly if it becomes unavoidable,” Ahn told reporters.

Ahn said his US ounterparts fully understood the risk of delays due to the election, while reiterating South Korea's call for a waiver from the tariffs.

The meeting took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) trade ministers’ summit hosted in South Korea, where representatives from 21 member economies gathered for regional discussions.

Seoul has been seeking a waiver from the 25 percent tariffs imposed by the US in April under President Donald Trump’s trade measures. South Korea was among the first countries to engage in face-to-face negotiations with Washington following the tariff announcement, shortly after Japan.

The upcoming technical talks are expected to focus on balanced trade, non-tariff barriers, and other issues. 

According to South Korea’s trade ministry, the comprehensive trade package being negotiated will cover four main areas: tariffs and non-tariff measures, economic security, investment cooperation, and currency policy.

Despite the challenges, Ahn expressed cautious optimism that progress would continue.

By Sabina Mammadli