South Korean Trade Delegation Reaches Tariff Deal With Trump in Washington

U.S. President Donald Trump met with a South Korean trade delegation, including Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan, and Trade Minister Yeo Han-koo, to discuss reducing the proposed 25 percent reciprocal tariffs on South Korean exports. The South Korean delegation proposed lowering the tariffs to 15 percent, 10 percentage points less than initially proposed, and offered a large-scale investment initiative called "Make American Shipbuilding Great Again" to support U.S. shipbuilding against China’s dominance. These negotiations come amid heightened trade tensions and follow Japan's recent success in negotiating tariff reductions with the U.S. Talks also involved U.S. Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, and Trade Representative Jamieson Greer. The discussions aim to avert the steep tariffs set to take effect soon, which would significantly impact key South Korean industries such as chips, cars, and steel. President Trump expressed interest in hearing South Korea's offer to buy down the tariffs during the meeting.