South Korea’s Industry Minister seeks exemption from Trump’s tariffs

SEOUL – South Korea’s Industry Minister requested a tariff exemption in talks with the US administration, Seoul’s Industry Ministry said on March 1, as Washington moves forward with plans to impose new tariffs.

Mr Ahn Duk-geun met US Commerce Secretary Howard Lutnick, US Interior Secretary Doug Burgum and US Trade Representative Jamieson Greer in Washington this week, seeking tariff exemptions from the administration of US President Donald Trump and discussing ways to strengthen bilateral cooperation between the two countries, the ministry said in a statement.

“Minister Ahn discussed strengthening partnerships in strategic industries such as shipbuilding and advanced industries with Commerce Secretary Lutnick. At the same time, he conveyed South Korean companies’ concerns regarding the US government’s tariff measures and requested tariff exemptions,” the Industry Ministry said.

South Korea and the US have also agreed to set up a working-level channel to discuss tariff-related issues and cooperation in the shipbuilding sector, Seoul’s Industry Ministry said.

Mr Ahn’s meeting with Mr Lutnick marked the first ministerial-level trade talks between the countries in Mr Trump’s second term, taking place amid a diplomatic vacuum as impeached South Korean President Yoon Suk Yeol is suspended from duties over his short-lived imposition of martial law.

Mr Ahn travelled to Washington earlier this week to push for an exemption from US steel tariffs and discuss ways to cooperate in energy and shipbuilding.

The trip came less than a week after Deputy Trade Minister Park Jong-won led the first major South Korean government delegation to visit Washington since Mr Trump took office, asking his administration to exempt Seoul from steel and aluminium tariffs.

As a major global exporter and top trading partner with the United States, South Korea has viewed Mr Trump’s measures with increasing concern.

Asia’s fourth-biggest economy is among 20 countries that have comprehensive free trade pacts with the United States. In the Asia-Pacific region, these include Australia and Singapore, while Japan has an agreement that focuses on critical minerals.

While the US-Korea Free Trade Agreement allows most goods to be traded without tariffs, Mr Trump in February announced plans to impose

a 25 per cent tariff on steel and aluminium globally,

including on South Korea. The new tariffs are set to take effect in March, while the US President has also announced reciprocal tariffs on trading partners from April.

South Korea’s Acting President and Finance Minister Choi Sang-mok urged US Treasury Secretary Scott Bessent in a video call on Feb 28 to pay attention to South Korea’s contributions to the US economy in Washington’s policy-making. REUTERS