Featured News

With just four days left before the Trump administration’s retaliatory tariffs take effect at 12:01 a.m. on the first of next month, South Korea and the United States are locked in final-stage negotiations. Seoul is reportedly seeking tariff relief, particularly on automobiles, in exchange for increased agricultural imports and investment pledges in shipbuilding and semiconductor sectors.

A senior government official on Saturday indicated that Seoul is open to increasing U.S. rice imports, saying, “There may be a way forward if we approach rice differently. We’ve already accepted that increased rice imports are part of the deal.” South Korea currently imposes a 513 percent tariff on imported rice but allows a 5 percent rate on a low-tariff quota of 408,700 tons, about 30 percent of which is filled by U.S. rice. The government is reportedly considering raising the quota, following a precedent set by Japan in similar trade negotiations.

Beyond agriculture, South Korea sees shipbuilding and semiconductor investment as key bargaining chips. Officials are discussing further cooperation with U.S. shipyards, including technology transfers, workforce training, and the potential acquisition of additional shipbuilding facilities. “We can’t rule out acquiring another U.S. shipyard,” a ruling-party official said. “Given that we’re offering technology transfers, we have to hold firm.”

During bilateral talks on July 25, South Korean Industry Minister Kim Jung-kwan and U.S. Commerce Secretary Howard Lutnick reportedly focused on cooperation and investment in shipbuilding. The meeting was held at Lutnick’s private residence in New York.

The Office of the President convened emergency trade strategy sessions on July 25 and 26, joined by Minister Kim and Trade Minister Yeo Han-koo, to review Seoul’s negotiating stance. “We confirmed the U.S. has strong interest in shipbuilding cooperation,” the office said, adding that both sides are working to develop mutually acceptable terms.

Deputy Prime Minister and Finance Minister Koo Yun-cheol is scheduled to meet U.S. Treasury Secretary Scott Bessent on July 31 for what is expected to be the final round of talks before the tariffs take effect.

President Trump, currently in Scotland for trade talks with the European Union on July 27, is set to hold further high-level negotiations with China on July 28 and 29. He will be joined by Treasury Secretary Scott Bessent and other senior officials. Before departing, Trump told reporters, “The talks will be mostly wrapped up by the first of next month,” adding that “tariffs on other countries will be lifted through formal notification.”

Source : donga