SEOUL (Reuters) -South Korea launched on Monday a task force on negotiations with the United States on tariff and non-tariff matters across industry and the energy sector that will also coordinate with the private sector, the Industry Ministry said in a statement. Minister for Trade Yeo Han-koo, who was appointed last week by the new […]
Business
South Korea launches task force on US trade negotiations
Audio By Carbonatix
SEOUL (Reuters) -South Korea launched on Monday a task force on negotiations with the United States on tariff and non-tariff matters across industry and the energy sector that will also coordinate with the private sector, the Industry Ministry said in a statement.
Minister for Trade Yeo Han-koo, who was appointed last week by the new liberal President Lee Jae-myung, said the team had a major responsibility as “businesses and the public have experienced great difficulties due to U.S. tariff measures.”
The task force, made up of industry ministry officials overseeing trade, manufacturing, energy and investment, will coordinate across the government and with the private sector to devise a successful strategy, said Yeo, who will head the group.
Lee, who won a snap election on June 3 and had said during his campaign that there was no need to rush into a trade agreement with the United States, has since said he would speed up talks with Washington.
After Lee held a phone call with U.S. President Donald Trump, his office said the leaders agreed to work towards a deal acceptable to both countries.
South Korea was seeking waiver from tariffs announced by the Trump administration that affect the country’s major export industries, including automobiles, steel and semiconductors.
(Reporting by Jack Kim, Jihoon LeeEditing by Ed Davies)