South Korea Agrees to Pursue Trade Deal with U.S.
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South Korea Agrees to Pursue Trade Deal with U.S.
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Following President Trump’s announcement of reciprocal tariffs, South Korea has agreed to pursue a trade deal with the United States. How will this new deal help our nation?
From The Epoch Times. South Korea and the United States agreed on Thursday to pursue a trade deal that will help Seoul avoid U.S. tariffs before President Donald Trump’s 90-day pause on reciprocal tariffs ends in July.
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South Korean Finance Minister Choi Sang-mok announced the deal after he and Industry Minister Ahn Duk-geun held talks with U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer in Washington.
“Our side assesses that the two sides have come to share an understanding that they will craft a ‘July package’ aimed at removing (U.S.) tariffs (on South Korea) by July 8 when the pause on reciprocal tariffs ends,” Choi told reporters, according to Yonhap News Agency.
The trade package would focus on four areas of negotiation—tariff and non-tariff measures, economic security, investment cooperation, and monetary policies—between the two nations, according to Choi. …
Neither government has yet released a joint statement regarding their trade talks. …
South Korean Concerns
Choi stated that his delegation raised South Korea’s concerns during the trade talks about the negative impact of the tariffs on automobiles, noting that this sector would be the most adversely affected. …
Choi added that both sides expressed that they will conduct “calm, orderly consultations without haste” to address the tariff issue, according to local reports. …
Trump stated on Truth Social that they discussed tariffs, liquefied natural gas (LNG), an Alaska gas project, as well as “payment for the big time Military Protection we provide to South Korea.” …
South Korea’s economy is vulnerable to potential trade losses from U.S. tariffs, as a significant portion of its earnings comes from exporting products worldwide, especially to the American market. …
Share your prayers for this trade deal below.
(Excerpt from The Epoch Times. Photo Credit: Markus Winkler on Unsplash)
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Thank you God for giving President Trump wisdom. Help him to know what to do and help other countries seek out mutually beneficial deals so that our country won’t be taken advantage of by the entire world anymore.