Seoul: South Korea’s industry minister and trade chief visited the United States this week to coordinate responses to tariff issues and other pending trade matters between Seoul and Washington, the industry ministry said on Saturday.
Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo met separately with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer on Friday (U.S. time) to discuss pending bilateral trade issues.
The visit was arranged to ease uncertainty surrounding tariff policies following a recent U.S. Supreme Court ruling that struck down reciprocal tariffs imposed by U.S. President Donald Trump’s administration and to advance the implementation of a bilateral trade agreement, according to the ministry, reports Yonhap news agency.
During his meeting with Lutnick, Kim shared Seoul’s progress in implementing the trade agreement, including legislation for a special law to support investment in the United States, and discussed ways to strengthen strategic investment cooperation.
Kim also stressed that previously agreed tariff arrangements between the two countries should be effectively guaranteed, as Washington pursues tariff policies under laws such as Section 122 of the Trade Act and Section 232 of the Trade Expansion Act following the Supreme Court ruling.
Separately, Yeo and Greer discussed plans to implement non-tariff measures outlined in a joint fact sheet issued by the leaders of the two countries and agreed to hold a joint committee meeting on the South Korea-U.S. free trade agreement at an appropriate time.
Yeo also conveyed Seoul’s position that a petition filed by U.S. investors in e-commerce firm Coupang Inc. seeking a Section 301 investigation should not negatively affect bilateral trade relations.
Meanwhile, the average prices of gasoline and diesel in Seoul have exceeded 1,900 won (US$1.29) per litre amid escalating tensions in the Middle East, government data showed, while the government continued to warn against any illegal practices, such as price collusion.
In a post on social media platform X (formerly Twitter), President Lee Jae Myung issued a fresh warning to domestic oil refiners over potential collusion in raising fuel prices, while instructing officials to consider a price cap during a Cabinet meeting the previous day.
(IANS)
