To respond to the United States' threat to raise the tariff on Korea, Yeo Han-koo, head of the Office of the Minister for Trade at the Ministry of Trade, Industry and Resources, who visited the U.S. on the 30th, returned home without meeting his counterpart, Jamieson Greer, head of the U.S. Trade Representative (USTR).
After wrapping up his schedule of talks with the U.S. government on Feb. 4, Deputy Minister Yeo met with reporters at Washington, D.C.'s Union Station and said, "I met with the USTR deputy representative and explained that there is an intention to fulfill 'commitments' to Korea in U.S.-bound investment and the non-tariff institutional sector."
Yeo said, "There are parts where the U.S. side did not understand that our system is different from theirs, and it appears we will need to continue outreach (U.S. engagement) going forward."
Deputy Minister Yeo also said, "I understand the U.S. administration is conducting interagency consultations to formalize the announcement of a tariff increase on Korea in the Federal Register."
Earlier, U.S. President Donald Trump said on the 26th via social media (SNS) that he would raise reciprocal tariff (country-by-country tariff) rates on Korean automobiles, lumber, pharmaceuticals, and others from the current 15% to 25%, taking issue with the legislative status of the Special Act on Investment in the United States in the Korean National Assembly.
The government dispatched Minister Kim Jung-kwan of the Ministry of Trade and Industry (MOTI) to the United States late last month for meetings with Commerce Secretary Howard Lutnick and others, followed by additional consultations through Deputy Minister Yeo.
An official at the Ministry of Trade and Industry (MOTI) said, "Representative Greer already had a schedule to conclude U.S.-India trade talks," adding, "It was not a failure of schedule coordination."