South Korea is poised to reopen critical tariff negotiations with the United States on the sidelines of a pivotal Asia-Pacific Economic Cooperation (APEC) summit set for Friday, a senior official confirmed to AFP. The talks come as trade ministers from the bloc’s leading economies gather on Jeju Island, South Korea, amid mounting concerns over escalating tensions within the global trading system following President Donald Trump’s sweeping imposition of tariffs on numerous U.S. trading partners last month.
Diplomatic activity was intense at the summit venue, with ministers seen hurrying to secure meetings with U.S. Trade Representative Jamieson Greer, who has embarked on a packed schedule of bilateral discussions. Among those seeking an audience with Greer was China’s international trade envoy, Li Chenggang, marking a continuation of dialogue between the two powers after last week’s accord in Geneva to pause mutual tariffs for a 90-day period.
South Korea’s Minister of Trade and Industry, Ahn Duk-geun, is also slated to meet with Greer on Friday, according to a South Korean government source. Seoul is eager to achieve meaningful progress in the negotiations in a bid to avert the brunt of Trump’s proposed tariffs. The two sides last convened in Washington in late April, during which Seoul tabled a proposal—dubbed the “July Package”—aimed at eliminating punitive duties through a series of targeted compromises.
South Korea, which recorded a $66 billion trade surplus with the United States last year, behind only Vietnam, Taiwan, and Japan, making it a key target of Trump’s trade bazooka.
Highly dependent on exports, the country has been hit hard by the 25 percent tariffs on automobiles imposed by President Donald Trump in early April.
South Korea’s vital auto industry, which contributes nearly 27 percent of the nation’s total exports to the United States—accounting for almost half of its vehicle shipments—faces fresh uncertainties amid Washington’s hardening trade stance.
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Last month, President Donald Trump unveiled plans for new “reciprocal” tariffs of up to 25 percent on South Korean goods, though their enforcement has been deferred until early July, providing Seoul with a narrow diplomatic window to seek reprieve.
In anticipation of high-stakes tariff negotiations on the sidelines of the APEC summit in Jeju Island, South Korea is looking to bolster its position by proposing broader economic cooperation. This includes commitments to expand purchases of American liquefied natural gas (LNG) and deepen collaboration in shipbuilding—a sector where South Korea ranks just behind China as a global leader.
Reflecting this strategic alignment, U.S. Trade Representative Jamieson Greer held a landmark meeting on Friday with Chung Ki-sun, vice chairman of HD Hyundai, South Korea’s largest shipbuilder. According to a statement by the company, it was the first time a U.S. trade envoy has engaged directly with South Korea’s shipbuilding sector leadership. Discussions reportedly focused on avenues for collaboration with U.S. defense shipbuilder Huntington Ingalls Industries, underscoring a shared interest in expanding naval and commercial shipbuilding synergies.
Further strengthening these industrial dialogues, Greer is also scheduled to meet with the CEO of Hanwha Ocean, a key player in South Korea’s shipbuilding landscape, known for its maintenance and overhaul services for U.S. Navy vessels. The market responded positively to these developments, with Hanwha Ocean shares climbing nearly 3 percent on Friday morning, while HD Hyundai Heavy Industries recorded gains of up to 3.6 percent.