South Korea to convey trade friction concerns to US at G-20 meet

South Korean Finance Minister Kim Dong Yeon speaks during his inaugural ceremony in in Sejong, South Korea, on June 15, 2017.
South Korean Finance Minister Kim Dong Yeon speaks during his inaugural ceremony in in Sejong, South Korea, on June 15, 2017.PHOTO: REUTERS

SEOUL (REUTERS) - South Korea's Finance Minister said on Monday (March 5) the government will convey its concerns on trade frictions to the United States and others at a meeting of the Group of 20 (G-20) nations later this month.

"We will make use of the G-20 meeting of finance ministers and central bankers in March, and hold a bilateral meeting with the US and other major nations to explain our stance," Mr Kim Dong Yeon said in a policy meeting with other South Korean ministers in Seoul.

Mr Kim said the government will focus on diversifying exports strategies, which will include strengthening trade ties with countries belonging to the Association of South-east Asian nations (Asean).

The first minister-level meeting of the year will be the first of five meetings of Finance Ministers and Central Bank Governors in 2018, and will take place on March 19-20in Buenos Aires.

President Donald Trump on Thursday announced that the United States would impose a 25 per cent tariff on imported steel, raising fears of a trade war with major trading partners.