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AFP - South Korea is prepared to restart tariff discussions with Washington during an important APEC meeting on Friday, according to an official who spoke with AFP.
Trade ministers from leading APEC economies are convening on Jeju Island, South Korea, amid worries over the global trading framework following US President Donald Trump's recent announcement of significant tariffs on numerous trading partners.
AFP journalists observed ministers hurriedly trying to meet with US Trade Representative Jamieson Greer, who has been engaged in various bilateral negotiations.
Among those seeking to connect with Greer was Chinese trade representative Li Chenggang, who recently met in Geneva to agree on reducing reciprocal tariffs for 90 days.
Greer is also expected to meet with South Korean Trade and Industry Minister Ahn Duk-geun on Friday. South Korea hopes to achieve substantial progress in the discussions to prevent Trump's heavy tariffs.
The two previously met in Washington last April, where South Korea introduced a "July Package" proposal aimed at eliminating tariffs.
Last year, South Korea achieved a $66 billion trade surplus with the United States, ranking after only Vietnam, Taiwan, and Japan, which makes it a primary target of Trump’s trade approach.
Heavily reliant on exports, South Korea has suffered significant impacts from Trump’s imposition of 25 percent tariffs on automobiles in early April, as the auto sector constitutes 27 percent of South Korea's exports to the US, which accounts for almost half of the nation's car exports.
Trump announced further “reciprocal” tariffs of up to 25 percent on South Korean exports last month but later delayed their implementation until early July. Seoul is looking to leverage these discussions by committing to increase its purchases of US liquefied natural gas (LNG) and providing support in the shipbuilding sector, where South Korea ranks just behind China.
Earlier on Friday, Greer met with Chung Ki-sun, the vice chairman of HD Hyundai, South Korea’s largest shipbuilding company. HD Hyundai remarked that this meeting was the first time a US trade representative has engaged with the South Korean shipbuilding industry and that topics of conversation included collaboration with US shipbuilder Huntington Ingalls Industries. Greer is also scheduled to meet the CEO of South Korean shipbuilder Hanwha Ocean, which offers maintenance, repair, and overhaul services for US Navy vessels.
Following these developments, shares of Hanwha Ocean increased by nearly three percent on Friday morning, while HD Hyundai Heavy Industries saw gains of up to 3.6 percent.
