As follow-up talks continue on the Korea-U.S. tariff negotiations, Yeo Han-koo, head of trade negotiations at the Ministry of Trade, Industry and Energy, will meet soon in Malaysia with Jamieson Greer, the U.S. Trade Representative (USTR).
The ministry said on the 22nd that "Deputy Minister Yeo will depart for Malaysia on the 23rd to attend the Association of Southeast Asian Nations (ASEAN) economic ministers' meeting and meet with Representative Greer."
They are expected to focus on implementation issues of the tariff negotiations that reached a tentative agreement at the end of Jul. At the time, the agreement called for the United States to lower the 25% reciprocal tariff it planned to impose on Korean products to 15%, while Korea would pursue about $350 billion in investment in the United States. However, differences remain over specific investment conditions and implementation methods, and a final agreement has not yet been reached.
The two countries have continued high-level contacts in recent days. On the 8th, working-level talks were held in Washington, D.C., followed by a meeting on the 12th between Minister Kim Jeong-kwan of the Industry Ministry and U.S. Commerce Secretary Howard Lutnick in New York. Then on the 16th, Deputy Minister Yeo visited the United States and held negotiations with Representative Greer.
In particular, this round of discussions is expected to focus on coordinating views on the composition of the U.S. investment package and revenue sharing. With Japan having already pledged about $550 billion in U.S. investment and signed a memorandum of understanding (MOU) with the United States, pressure on Korea from the U.S. side is significant. Korea is also said to be using a "Korea-U.S. currency swap" agreement, aimed at guarding against volatility in the foreign exchange market, as a bargaining chip.
In this meeting, Deputy Minister Yeo also plans to discuss solutions to visa issues, prompted by the recent mass arrests and detentions of Korean workers during an immigration enforcement operation at the Hyundai Motor–LG Energy Solution joint battery plant in Georgia. In addition, non-tariff barrier issues such as opening the market for agricultural and livestock products, regulating online platforms, and allowing the export of high-precision maps are also likely to be on the table.
In addition, the European Commission president is scheduled to attend this ASEAN economic ministers' meeting alongside the United States, raising the possibility that Korea and the European Union, both facing U.S. trade pressure, will share their positions.