South Korea appointed Yeo Han-Koo, the former chief trade official, as the new trade minister at the President’s office to lead the tariff negotiation talks with the US. As Asia’s fourth-largest economy, it plans to hold talks with the US to reduce the tariffs.
The US imposed a 25% tax on South Korea on April 2, and one of the highest tariffs for this U.S. ally was suspended until early July. Reducing tariffs is the top priority for South Korea’s new president, Lee Jae-myung. Due to a leadership void in recent months, talks between Seoul and the U.S were delayed.
This tariff hits hard at South Korea’s many key industries, which include cars, aluminium, and steel. Yeo’s appointment is largely due to his experience as a chief trade official under President Moon Jae-in, who was involved in Korea-U.S. talks during Trump’s first administration.
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At that time, Yeo-Han-Koo was also a commercial official at the Korean Embassy in Washington. He played a major role in the 2017 amendment negotiations of the Korea-U.S. Free Trade Agreement and section 232 steel negotiations. The president of South Korea believes that he can help address this issue.
