South Korea’s Deputy Trade Minister, Park Jong-won, has departed for Washington, D.C., to engage in discussions with U.S. officials regarding the recent imposition of tariffs by President Donald Trump’s administration. The U.S. has announced a 25% tariff on steel and aluminum imports, set to take effect in March, as well as plans for reciprocal tariffs on countries that impose tariffs on U.S. imports. These measures have raised concerns in South Korea, prompting the government to seek dialogue to mitigate potential impacts on its economy.
During his visit, Deputy Minister Park is scheduled to meet with representatives from the U.S. Department of Commerce, the Office of the U.S. Trade Representative, and key members of Congress. The objective is to convey South Korea’s concerns and explore possible exemptions or adjustments to the tariffs. This trip marks the first official visit by a senior South Korean trade official to the U.S. since President Trump’s second term began.
In response to the U.S. tariff announcements, South Korea’s Acting President, Choi Sang-mok, has initiated a comprehensive review of the country’s non-tariff barriers. This move aims to address potential issues arising from the U.S. plan to impose reciprocal tariffs on nations with tariffs on U.S. imports. While the Korea-U.S. Free Trade Agreement has eliminated most tariffs between the two countries, the U.S. intends to evaluate non-tariff barriers, including value-added taxes and digital service taxes, which could affect South Korean exports.
The Korea Development Institute (KDI), a leading economic think tank, has adjusted its 2025 growth forecast for South Korea’s economy to 1.6%, a 0.4 percentage point decrease from previous estimates. This revision is attributed to deteriorating trade conditions resulting from the U.S. tariffs and internal political instability in South Korea. KDI warns that continued tariff increases or ongoing political turmoil could further lower growth projections.
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As Deputy Minister Park engages in talks in Washington, South Korea aims to negotiate favorable terms to minimize the adverse effects of the U.S. tariffs on its economy and maintain robust trade relations between the two nations.
