President Donald Trump will meet with a South Korean trade delegation, the South Korean President's Office announced on Thursday. High-ranking officials from Seoul are in Washington to conclude an urgent agreement on US tariffs. This was reported by Reuters, writes UNN.
South Korea is currently under 25% tariffs, but they have a proposal to lower it. I will be interested to know what exactly they are proposing
The South Korean President's Office stated that they might hold a press briefing — depending on the results of the meeting with Trump.
South Korean Finance Minister Ku Yun-chol, Industry Minister Kim Jong-kwan, and Trade Minister Yeo Han-koo met with US Commerce Secretary Howard Lutnick and US Trade Representative Jamison Greer on Wednesday, the finance ministry said.
The industry and trade ministers have been in Washington since last week to reach an agreement by August 1 — that's when, according to Trump, 25% tariffs against South Korea — a key US ally and a leading exporter of microchips, cars, and steel — are supposed to take effect.
Addition
Pressure on South Korea is growing after Japan this month concluded an agreement that lowered Trump's threatened tariffs to 15%.
It is also reported that leading representatives of South Korean business are arriving in the US to support lobbying for a tariff agreement.
According to officials, the South Korean government is negotiating with the US, offering a comprehensive trade agreement and cooperation in industry — particularly in shipbuilding, microchip, and battery production.
Amid the government's active recent efforts for a tariff agreement, South Korean company Samsung Electronics signed a contract with Tesla for the supply of microchips worth $16.5 billion.