SEOUL: South Korea needs to take measures to support its economy in the short term as it continues tariff talks with the US, its likely new finance minister Koo Yun-cheol said on Sunday (Jun 29) after being nominated for the role by President Lee Jae Myung.
Koo, a former vice finance minister, still needs to go through parliament hearings before being confirmed as finance minister. Other ministerial appointments were also announced by the president’s office on Sunday.
“We need to take pre-emptive measures and prepare for situations such as the current tariff negotiations with the United States,” Koo told a press conference.
“Through this process, we plan to actively and proactively respond to the difficulties that the South Korean economy faces in the short term,” he said.
Trade envoy Yeo Han-koo returned home on Sunday after holding the first high-level tariff talks with his US counterparts since President Lee took office on Jun 4.
South Korea has sought exemptions from US President Donald Trump’s high tariffs on imports of automobiles and steel products, as well as a 25 per cent “reciprocal” levy on the US ally that is currently paused for negotiations.
Yeo said his trip helped build mutual trust to expedite the negotiations and make friends in Washington. Asked if the Jul 8 deadline for negotiations over tariffs was still valid, Yeo said every possibility was left open.
“In fact, the situation in the United States is very fluid. So, for now, I can say that all possibilities are open,” he told reporters.
The US has demanded that South Korea improve non-tariff barriers particularly in the agricultural and digital services sectors, according to South Korean officials.
