The US demanded that South Korea resolve the large trade imbalance between the countries during recent trade talks, South Korean media reported yesterday.
The US repeatedly raised the issue of the trade imbalance in the commodity sector and both countries agreed it was necessary to address it, broadcaster YTN and the Yonhap News Agency reported, citing an unnamed South Korean trade official who was part of the trade delegation.
South Korea had a record US$55.6 billion trade surplus with the US last year, up 25 percent from 2023, Korea Customs Service data showed.
Photo: Reuters
The two countries held technical consultations about trade in Washington last week. They also discussed non-tariff measures, economic security, digital trade, the origin of goods and commercial considerations, the official cited by media said, adding that Washington made specific requests for the first time.
Seoul has continued to push for tariff exemptions, the official said.
South Korea, which is among a few Asia-Pacific nations that have a free-trade pact with the US, has sought exemptions on all tariffs.
South Korean Minister of Industry, Trade and Energy Ahn Duk-geun said after a second round of ministerial-level talks in the middle of this month that a request by Alphabet Inc’s Google to transfer local map data overseas could be part of trade discussions.
The US had cited South Korea’s restrictions on online platform companies transferring location-based data overseas in its trade barrier report released in March.
South Korean media have also said that US objections over restrictions on its beef imports and tariffs on rice could be included in talks.
Separately, the US and Japan agreed in their latest tariff negotiations to “accelerate” efforts toward an agreement, Tokyo said yesterday. Japan is subject to the same 10 percent baseline tariffs imposed on most nations, plus steeper levies on cars, steel and aluminum.
US President Donald Trump early last month also announced 24 percent “reciprocal” tariffs on Japan, but later paused them to July.
Japan’s tariff talks envoy Ryosei Akazawa held a third round of talks in Washington over the weekend and is due to return this week.
The two nations confirmed “we will accelerate efforts to realize an agreement that is mutually beneficial,” Japanese Chief Cabinet Secretary Yoshimasa Hayashi said.
Japanese Prime Minister Shigeru Ishiba on Sunday also touted “progress” in the latest talks. Floated as one of Japan’s bargaining chips is its technological prowess in shipbuilding, including of ice-breakers, local media said.
“The US is interested in potentially having Japan repair American warships, which is something we’re willing to support,” NHK quoted Ishiba as saying.
Another potential sweetener is the idea of a joint US-Japanese sovereign wealth fund floated by Softbank Group Corp founder — and Trump friend — Masayoshi Son, the Financial Times said.
The fund, discussed directly between Son and US Secretary of the Treasury Scott Bessent, would make large-scale investments in tech and infrastructure across the US, it reported.
Additional reporting by AFP
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