SEOUL, South Korea — South Korean officials have requested that the Trump administration exclude their nation from proposed U.S. tariffs aimed at trade partners, emphasizing that South Korea is already maintaining low tariffs on American goods as part of their free trade agreement. This plea was made by Deputy Trade Minister Park Jong-won during his visit to Washington for discussions with various officials from the White House, the Department of Commerce, and the Office of the U.S. Trade Representative. However, details regarding the responses from U.S. officials were not disclosed by the South Korean Trade Ministry.
Park highlighted the role that South Korean businesses play in fostering the U.S. economy through significant investments, stressing that the country upholds low tariffs on trade partners, including the United States. He urged that South Korea should be exempt from America’s intentions to implement reciprocal tariffs with other countries, as well as raising duties on imported steel and aluminum, according to comments from the ministry.
This month, South Korea’s leading economic research institute downgraded its growth forecast for the nation’s economy for the second time since November, citing concerns over the repercussions of President Trump’s increasing tariffs alongside other measures aimed at reshaping global trade dynamics.
The Korea Development Institute, a state-run entity, now expects the country’s economy to grow by only 1.6% in 2025, a reduction of 0.4 percentage points from its previous estimate. Their economists believe that Trump’s tariffs on steel and aluminum are unlikely to significantly impact South Korea, as these products make up less than 1% of its exports to the U.S. Nevertheless, they raised alarms over potential hikes in duties on semiconductors and automobiles, which could adversely affect the trade-reliant economy.
In light of these developments, South Korea’s acting president, Choi Sang-mok, convened a meeting on Friday with trade and foreign policy officials to discuss the possible consequences of Trump’s trade strategies, including reciprocal tariffs and specific duties that could affect semiconductors, vehicles, and pharmaceuticals.
Choi, also serving as South Korea’s finance minister, tasked officials with investigating how other major economies — including the European Union, Japan, and China — are responding to Trump’s trade policies. He urged them to enhance communications regarding South Korea’s stance to U.S. representatives.
As of 2024, South Korea’s trade surplus with the United States reached $55.7 billion, and according to the South Korean trade ministry, tariffs on U.S. manufactured imports are approximately zero percent.
