Yeo Han-koo, Head of Trade Negotiation Headquarters: "The time for choice in the U.S. tariff negotiations is approaching"

According to the industry on the 14th, Yeo Han-koo, Head of the Trade Negotiation Headquarters at the Ministry of Trade, Industry and Energy, stated, "With a little less than 20 days left, I believe this is a time for us to make choices and decisions." Yeo is the person directly leading the U.S. tariff negotiations.

During a Q&A session with journalists at the Government Complex Sejong, he commented, "As we begin in earnest negotiations to reach a landing zone (point of agreement), I think it's time to prepare for give-and-take bargaining."

Yeo emphasized the importance of reaching an agreement on how far Korea can accept the demands from the United States. He said, "The United States is demonstrating a strong will to structurally reduce its trade deficit, including with South Korea," and stated, "Addressing this will require improvement of regulations and systems that are seen as barriers in American exports to Korea, in addition to our investment in and purchases from the United States."

The Trump Administration is reportedly focusing its demands on expanding purchases of U.S. goods such as energy and agricultural products to achieve trade balance, and resolving so-called "non-tariff barriers" that it claims hinder U.S. exports to Korea.

Specifically, in the agricultural sector, the United States is known to be demanding the lifting of the ban on beef imports over 30 months of age and an expanded quota for the purchase of American rice. Yeo mentioned that a forward-looking review of sensitive domestic agricultural issues may also be necessary to conclude U.S. negotiations. He said, "Whether we've negotiated with the United States, Southeast Asia, or any other country, agricultural negotiations have always been tough, but through them we've strengthened our industrial competitiveness," adding, "I believe strategic decisions must be made in the agricultural sector as well."

Finally, when asked about the likelihood that South Korea could face reciprocal tariffs after August 1, Yeo responded, "We will do our utmost, but due to an unpredictable level of uncertainty and various causes, we must also be prepared for the worst-case scenario," but added, "We do not intend to sacrifice practical interests because of time constraints."