South Korea Says It Will Hold Trade Talks With US This Week

‘The consultation is taking place at the suggestion of the U.S., and we are currently coordinating details of the schedule and agenda,’ officials said.

South Korea's Finance Minister Choi Sang-mok attends a joint press conference on South Korea's post impeachment situation in Seoul, South Korea, on Dec. 18, 2024. Jung Yeon-je/AFP via Getty Images

South Korea and the United States are slated to discuss trade this week in Washington at the Trump administration’s request, Seoul’s trade ministry said on April 20.

South Korean Finance Minister Choi Sang-mok and Trade Minister Ahn Duk-geun will meet with U.S. Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent alongside the spring meetings of the International Monetary Fund and World Bank, according to an industry ministry statement.

“The consultation is taking place at the suggestion of the US, and we are currently coordinating details of the schedule and agenda,” the statement reads.

South Korea is looking to negotiate with the United States after President Donald Trump announced a 25 percent reciprocal tariff on the East Asian nation. He has since capped the tariff at 10 percent for a 90-day period for most U.S. trade partners to allow them time to renegotiate their trade deals with the United States.

The statement said Ahn is scheduled to leave Seoul, South Korea, on April 23, but it did not specify the meeting’s agenda or offer additional details.

The meeting will position South Korea as one of the first nations to negotiate with the United States after the new tariffs were imposed, including baseline tariffs and reciprocal tariffs that have reached 145 percent on Chinese imports.

Industry-related tariffs, including a 25 percent levy on automobile, steel, and aluminum imports, also affect South Korea.

Ahn’s visit to Washington follows Japan’s opening negotiations with the United States last week on tariffs. Japan’s lead negotiator, Ryosei Akazawa, said the discussions did not lead to an immediate halt to tariffs, but Japan and the United States are planning to host a second round of talks later this month.

South Korea’s economy is vulnerable to any potential trade losses from U.S. tariffs, as much of its earnings come from exporting products worldwide, especially into the American market.

The East Asian country’s top exports are integrated circuits, automobiles and parts, refined petroleum, and passenger and cargo ships, according to a report from the Observatory of Economic Complexity.

In February, South Korea saw a year-on-year growth in exports, primarily driven by increased exports to the United States, Singapore, and Vietnam, the report states.

Between January and February, South Korea’s exports increased by 6.47 percent, or $3.17 billion, while its imports from other countries decreased by 5.26 percent.

In 2023, South Korea was the 14th-largest world economy based on gross domestic product and fifth in total exports.

Reuters contributed to this report.