Presidential Office: "Avoided the Worst in US-Korea Tariff Talks... Striving for Resolution in the National Interest"

Korea Economic Daily

Summary

The Presidential Office stated that they will resolve the US-Korea tariff negotiations in a way that benefits the national interest.
Spokesperson Kang Yu-jung announced that by securing a grace period, the worst-case scenario of a tariff hike has been avoided.
With President Donald Trump announcing a possible imposition of up to 25% reciprocal tariffs, the possibility of further negotiations was mentioned.

Presidential Office Spokesperson Briefing

*Spokesperson Kang Yu-jung giving a briefing on the Cabinet meeting at the Presidential Office in Yongsan, Seoul, on the 8th. /Photo=Presidential Office Photo Journalists Association*

On the 8th, the Presidential Office commented on the tariff negotiations with the United States, stating, "We will continue to strive for a solution more beneficial to the national interest through various diplomatic channels, including a summit meeting."

Presidential Office spokesperson Kang Yu-jung said at a briefing held at the Yongsan Presidential Office that afternoon, "We have secured an extended grace period for the tariff negotiations," adding this remark.

Spokesperson Kang stated that regarding a letter from the Trump administration announcing the imposition of a 25% reciprocal tariff on our country starting from the 1st of next month, "While there are some regrets, given the limited time following the inauguration of the new administration, we believe the worst-case scenario of a tariff increase has been avoided," and added, "We hope to achieve better results with the additional time secured, and are engaging actively in the negotiations."

Regarding the timing of the US-Korea summit, she explained, "The schedule and format are being coordinated and reviewed, so nothing can be revealed yet."

Earlier that morning, President Donald Trump of the United States sent a 'tariff letter' to 14 countries, including South Korea and Japan, specifying country-specific reciprocal tariffs of 25-40%, and notified that these would take effect starting August 1.

Jeong-Dong Noh, Hankyung.com Reporter dong2@hankyung.com