South Korea will restart tariff negotiations with the United States on the sidelines of a key Asia-Pacific Economic Cooperation (APEC) summit on Friday, a government official told AFP, as trade ministers scramble for bilateral meetings with U.S. Trade Representative Jamieson Greer.
APEC trade ministers have gathered on South Korea’s Jeju Island amid growing concerns about the global trade system, following sweeping new tariffs imposed by U.S. President Donald Trump last month on several trade partners.
Greer, who has been conducting a flurry of one-on-one talks, is set to meet with South Korean Minister of Trade and Industry Ahn Duk-geun, as Seoul pushes to reduce or avoid steep U.S. tariffs. The two previously met in Washington in April, where South Korea proposed a “July Package” aimed at removing the punitive duties.
The urgency stems from Trump’s 25% tariffs on automobiles introduced in early April, which have hit South Korea particularly hard. The auto sector makes up 27% of South Korea’s exports to the U.S., which buys nearly half of all Korean car exports. In 2024, South Korea ran a $66 billion trade surplus with the U.S., ranking behind only Vietnam, Taiwan, and Japan—making it a prime target for U.S. trade pressure.
In addition to the auto tariffs, Trump last month announced new “reciprocal” tariffs of up to 25% on South Korean exports, though they have been temporarily suspended until early July.
To ease tensions and secure favorable terms, Seoul is offering increased purchases of U.S. liquefied natural gas (LNG) and expanded cooperation in shipbuilding—a key industry in which South Korea is a global leader after China.
Earlier on Friday, Greer met with Chung Ki-sun, vice chairman of HD Hyundai, which owns the country’s largest shipbuilding firm. According to HD Hyundai, this was the first-ever meeting between a U.S. trade representative and a leader from South Korea’s shipbuilding sector. Talks reportedly included potential collaboration with U.S. defense shipbuilder Huntington Ingalls Industries.
Greer is also scheduled to meet with the CEO of Hanwha Ocean, a South Korean firm that provides maintenance and overhaul services for U.S. Navy vessels. Shares of Hanwha Ocean rose nearly 3% following news of the meeting, while HD Hyundai Heavy Industries gained as much as 3.6% in early trading.
