In a surprising turn of events, U.S. President Donald Trump suggested he might be open to negotiating with South Korea on his recent announcement to raise tariffs on its products. Just a day after declaring plans to increase tariffs from 15% to 25% on South Korean imports, Trump hinted at the possibility of reaching an agreement with Seoul. Speaking to reporters before his departure to Iowa, Trump was asked about the tariff increase and responded, "We'll work something out with South Korea," signaling a potential softening of his stance.
The previous announcement, made via Truth Social, was interpreted as a critique of South Korea's delay in passing the Special Act on Investment in the U.S., which is part of a $350 billion investment commitment to the United States. Despite the bold tariff statement, Trump has yet to specify an implementation date or issue an executive order, leaving the door open for negotiations.
South Korea's government is now working to ascertain the Trump administration's intentions and is preparing for high-level discussions. Trade Minister Kim Jung-kwan is set to visit the U.S. soon to engage in talks with Commerce Secretary Howard Lutnick, while Trade Minister Yeo Han-koo will consult with U.S. Trade Representative Jamieson Greer.
Amidst these developments, there is optimism within South Korea's ruling party that the Special Act could pass between late February and early March, potentially easing tensions. As Trump indicates a willingness to resolve the issue collaboratively, it seems likely that the tariff policy could be adjusted through diplomatic negotiations between the two nations.
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