Top trade negotiators rush to US to avert tariff hike

Top trade negotiators rush to US to avert tariff hike

Foreign Minister Cho Hyun is set to visit the United States this week to discuss the critical issue of stabilizing supply chains for key minerals. Trade Minister Yeo Han-koo and Industry Minister Kim Jung-kwan have already been in Washington, engaging in talks with U.S. officials and lawmakers to prevent a potential tariff hike on Korean goods. The current 15% tariffs were agreed upon last year, but the U.S. is considering raising them back to 25%, citing concerns over South Korea's legislative delays in passing a special law meant to justify Korean investments in exchange for tariff reductions.

While South Korean officials insist they are meeting all their obligations under the joint fact sheet signed in November, the U.S. appears to be preparing official announcements and sanctions as a response. The government has categorically denied that issues like the Coupang investigation or new regulations on online platforms are directly linked to the tariff decision. However, opposition parties have criticized the U.S. for creating unnecessary conflict and urge Washington to await South Korea's standard legislative process before taking any further action.

The situation remains under close observation as both sides continue their diplomatic efforts to resolve the matter amicably and in accordance with agreed-upon agreements.