South Korea trade minister says considering measures to boost US imports

South Korea trade minister says considering measures to boost US imports

Minister Cheong In-kyo will dispute Washington's calculation of its 25% tariff on South Korea, which he called 'problematic' given the two countries' existing free trade pact.

South Korea’s trade minister Cheong In-kyo noted that the government had internal discussions about increasing liquefied natural gas imports from the US. (EPA Images pic)
SEOUL:
South Korea’s trade minister said today that the government has been considering measures to increase imports from the US as he headed to Washington to negotiate over US tariffs.

Minister Cheong In-kyo, who will meet US Trade Representative Jamieson Greer, said it was good news ahead of his visit that President Donald Trump said the door was open for talks over tariffs with nations other than China.

“It is difficult to reduce exports, so shouldn’t we then increase (US) imports? In that regard, we have been reviewing many different packages of measures to resolve the trade balance problem,” Cheong said, before flying to Washington.

He noted that the government had internal discussions about increasing liquefied natural gas (LNG) imports from the US.

Cheong added he will dispute Washington’s calculation of its 25% tariff on South Korea, which he called “problematic” given the two countries’ existing free trade pact.

Trump also announced a 46% duty for Vietnam, where major South Korean conglomerates like Samsung and LG manufacture products.

“That will deal a “huge blow” to South Korean exporters with production bases there,” finance minister Choi Sang-mok said today.

South Korea’s foreign ministry also said today that it is in close communication through diplomatic channels to make happen a timely call between Trump and South Korea’s acting president Han Duck-soo.

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