Additional tariff exemption hinted at… Besent announces negotiations with Korea

 ​U.S. Treasury Secretary Scott Bessent has announced that trade negotiations between the United States and South Korea are scheduled to commence next week. These discussions aim to address the recently imposed tariffs by President Donald Trump, which include a 25% duty on South Korean goods. Bessent emphasized the concept of a "first mover advantage," suggesting that countries engaging promptly in negotiations may secure more favorable terms .​

South Korea's acting President Han Duck-soo confirmed that President Trump has directed immediate tariff negotiations with South Korea, Japan, and India. Han highlighted that the discussions would cover various sectors, including shipbuilding and energy cooperation, indicating a strategic approach to the negotiations .​

The upcoming talks are part of a broader initiative by the U.S. to engage with key allies following the imposition of new tariffs. Bessent has already initiated contact with officials from countries such as the United Kingdom, Australia, India, and Japan, aiming to mitigate the impact of the tariffs and strengthen trade relations .​

South Korea's Trade and Industry Minister Ahn Duk-geun has indicated that shipbuilding cooperation could serve as a significant strategic advantage in the negotiations. This sector, along with potential energy collaborations, is expected to be central to South Korea's approach in seeking tariff relief .​

As the negotiations progress, both nations appear committed to finding common ground that addresses the economic concerns arising from the recent tariff implementations.