Seoul reaffirms continued engagement with U.S. over trade issues

South Korea will continue to engage the United States in discussions over the latter’s new tariff schemes, Trade Minister Cheong In-kyo said Friday, stressing that any progress in those talks will provide a basis for the country’s incoming administration to build on.

Cheong’s remarks come one day after former Prime Minister Han Duck-soo and former Finance Minister Choi Sang-mok resigned, making Deputy Prime Minister and Education Minister Lee Ju-ho the new acting president of South Korea.

“The government will calmly engage in trade consultations with the U.S., placing the national interest as the top priority, and will do its best to ensure a seamless transition of the progress to the next administration,” the trade minister said in an emergency meeting to check the country’s response system for trade issues.

“Additionally, we will thoroughly prepare for the upcoming meeting of APEC Ministers Responsible for Trade, scheduled to kick off May 15, and continue to manage trade affairs in a stable and unwavering manner,” he added. APEC refers to the Asia-Pacific Economic Cooperation.

Han resigned to officially declare his bid to run in the June 3 presidential election, sparked by former President Yoon Suk Yeol’s impeachment over his failed martial law decree, while Choi stepped down amid the National Assembly’s move to impeach him.

Amid the political turmoil, South Korea reportedly wrapped up its two-day working-level “technical” discussions on trade and economic cooperation issues with the U.S. in Washington earlier in the day.

The talks came after then Finance Minister Choi Sang-mok and Industry Minister Ahn Duk-geun met U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative (USTR) Jamieson Greer for “two-plus-two” trade consultations on April 24.

During the high-level talks, the two sides agreed to seek a “July package” deal on trade and other related issues before July 8, when President Donald Trump’s 90-day pause on reciprocal tariffs ends. They also decided to focus their discussions on four categories — tariff and non-tariff measures, economic security, investment cooperation and currency policy.

The Trump administration started imposing reciprocal tariffs, including 25 duties on South Korea, on April 9, only to place a pause on them shortly afterward to allow for negotiations.