The Ministry of Trade, Industry and Resources announced Tuesday that its minister Yeo Han-koo is set to hold talks with visiting deputy U.S. Trade Representative (USTR) Rick Switzer on Wednesday.
The meeting was initially intended to address non-tariff barriers (NTBs), which are measures other than tariffs that restrict imports or exports to protect domestic industries. However, it is now expected to cover all outstanding trade-related issues after U.S. President Donald Trump's abrupt threat to raise tariffs back to 25 percent earlier this month.
Seoul and Washington reached a tariff-related border deal during Trump's visit here in late October last year, in which the two sides agreed to lower reciprocal tariffs from 25 percent to 15 percent in return for massive investment in the U.S.
During a parliamentary hearing the previous day, Foreign Minister Cho Hyun told lawmakers that the U.S. would seek to raise tariffs on South Korea to reduce its trade deficit "if there is no progress in talks."
Yeo said, "We will closely communicate with the U.S. side to seek a mutually beneficial solution in collaboration with relevant ministries."
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