Seoul's new trade minister to visit Washington for tariff negotiations

Seoul, June 21 (IANS) South Korea's new top trade negotiator will visit the United States for tariff negotiations next week amid the looming deadline of July 8, his agency said on Saturday.

Yeo Han-koo will head for Washington on Sunday for tariff talks with U.S. Trade Representative (USTR) chief Jamieson Greer and other senior officials, according to the Ministry of Trade, reports Yonhap news agency.

Yeo was appointed the trade minister under the Lee Jae Myung government on June 10.

In May, Seoul and Washington agreed to focus their talks on four categories -- tariff and non-tariff measures, economic security, investment cooperation and currency policies.

Earlier, Yeo said he would craft measures that can ensure a "win-win" agreement for both countries, noting the allies are expected to hold "intense" negotiations in the coming weeks.

South Korea and the U.S. have agreed to come up with a package deal covering tariffs, non-tariff measures, economic cooperation and other trade issues by July 8 -- when the Donald Trump administration's suspension of reciprocal tariffs, including a 25 percent duty for South Korea, will end.

The Trump administration has raised issues with South Korea's big trade surplus with the U.S. and various non-tariff trade barriers.

Earlier this year, the U.S. Trade Representative (USTR) issued an annual report on foreign trade barriers, citing a wide range of Korea's non-tariff measures, such as its import ban on American beef from cattle aged 30 months or older, emission-related regulations on imported cars and restrictions on overseas transfers of high-precision map data.

Meanwhile, a Trump administration official has told South Korean tech giants, Samsung Electronics Co. and SK hynix Inc., that he wanted to cancel waivers that allow them to ship U.S. chipmaking equipment to their plants in China without applying for individual licenses.

Jeffrey Kessler, head of the unit responsible for export controls at the Commerce Department, told the two companies and Taiwan Semiconductor Manufacturing Co. this week that he intends to revoke those waivers, The Wall Street Journal reported, citing people familiar with the matter.

—IANS

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