The nominee for foreign minister said he believes it may be possible to reach a trade deal with the United States before the 25% across-the-board tariffs proposed by US President Donald Trump take effect in August.
“It seems possible,” Cho Hyun, President Lee Jae Myung’s pick to be his top diplomat, said during his confirmation hearing in parliament.
“It is difficult to predict, but we are making every effort on our end, and from the US perspective, too, we are not only a very important ally but also a key trade partner, so I think they will prioritise negotiating with us.”
Cho did not elaborate what South Korea is willing to offer to get a deal signed. Among issues raised by the United States are opening up South Korea’s market for agricultural products, particularly in sensitive areas such as beef and rice, and easing digital regulations.
South Korean farmers have taken to the streets after reports that beef and rice are among items on the negotiating table.
“We have no more room to make sacrifices,” the Korean Peasants League said, threatening a large-scale protest. “If we back down from here, it means giving up our agriculture and food, and giving up national security in the age of a food crisis.”
“We are approaching the US tariff negotiations with caution, prioritising the sensitivity of our agricultural sector and placing the utmost importance on the health and safety of our people,” South Korea’s Agriculture Ministry said in a statement. — Bloomberg
