South Korea will resume crucial trade discussions with the United States on Friday, during the Asia-Pacific Economic Cooperation (APEC) summit currently taking place on Jeju Island.
A South Korean official confirmed that Trade Minister Ahn Duk-geun is scheduled to meet with U.S. Trade Representative Jamieson Greer to push for progress on pending tariff issues.
The meeting comes amid heightened global trade tensions sparked by U.S. President Donald Trump’s recent tariff hikes on several key trading partners.
The summit has become a hub for urgent diplomatic and trade negotiations, with various ministers seeking bilateral meetings with Greer, who has held talks with several counterparts, including China’s trade envoy Li Chenggang.
Their latest interaction follows an earlier agreement in Geneva to temporarily reduce reciprocal tariffs for 90 days.
South Korea, heavily reliant on exports, has been significantly affected by the U.S. administration’s 25 percent tariff on imported automobiles.
The automotive sector comprises a substantial portion of South Korea’s exports to the U.S., which receives nearly half of the nation’s car shipments.
In late April, officials from Seoul presented a plan—dubbed the “July Package”—during discussions in Washington.
The proposal seeks to resolve ongoing trade frictions and prevent the full implementation of new U.S. tariffs, which were announced last month but postponed until early July.
South Korea recorded a $66 billion trade surplus with the United States last year, ranking fourth globally behind Vietnam, Taiwan, and Japan.
This surplus has placed the country squarely in the sights of Trump’s aggressive trade policies.
As part of its negotiation leverage, Seoul is offering to increase purchases of American liquefied natural gas (LNG) and expand partnerships in the shipbuilding industry. South Korea is a global leader in shipbuilding, second only to China.
Earlier in the day, Greer held discussions with Chung Ki-sun, Vice Chairman of HD Hyundai—the parent company of the country’s largest shipbuilder.
The company noted that this was the first time a U.S. trade official has formally met with South Korea’s shipbuilding industry representatives. Talks reportedly centered on collaboration with Huntington Ingalls Industries, a major U.S. shipbuilding company.
Greer is also expected to meet with the CEO of Hanwha Ocean, a South Korean firm involved in maintenance and repair services for U.S. Navy vessels.
News of these meetings positively affected the stock market, with shares of Hanwha Ocean climbing nearly 3 percent and HD Hyundai Heavy Industries rising by up to 3.6 percent.
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