South Korea seeks US trade deadline extension as tariffs loom

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South Korea is a key US ally and major manufacturing hub for cars, semiconductors and batteries.

PHOTO: REUTERS

SEOUL – South Korean and US trade officials have discussed extending the July 9 deadline for trade deals in a last-minute bid to avert sweeping tariffs from President Donald Trump.

South Korean Trade Minister Yeo Han-koo held talks with US Trade Representative Jamieson Greer on July 5 in Washington, where he proposed manufacturing partnerships and called for the elimination or reduction of tariffs on products such as automobiles and steel, Seoul’s Industry Ministry said in a statement on July 6.

The meeting came just days before a deadline to reinstate higher US levies

that were halted in April

South Korea is a key US ally and major manufacturing hub for cars, semiconductors and batteries. If the 25 per cent across-the-board levies are imposed, that would further undercut an economy already hit by sluggish domestic consumption. The central bank in May slashed its forecast for 2025’s gross domestic product growth to 0.8 per cent from 1.5 per cent.

In a last-minute bid to avoid the tariffs from kicking in, Mr Yeo presented a vision for a “mutually beneficial” manufacturing cooperation framework to further strengthen the two countries’ industrial supply chains, while stressing that any final agreement must include ending or limiting tariffs on automobiles and steel, among other products.

“Both sides agreed that they have been conducting negotiations in good