South Korean trade minister arrives in Washington, says his country will do all it can to reach a trade deal with the US
South Korea has decided not to use the further opening of the country's beef and rice markets as bargaining chips in tariff negotiations with the US, setting them as a "red line," Yonhap News Agency reported Wednesday, citing unnamed sources.
The decision was made during a high-level ministerial meeting held a day earlier as Seoul seeks relief from US tariffs on steel, automobiles and other key exports.
While the US has reportedly requested that South Korea lift its ban on American beef from cattle over 30 months old and expand rice imports, Seoul has ruled out concessions on these sensitive items due to concerns over food safety and agricultural security.
South Korea is considering offering alternative trade incentives, however, such as expanded fuel imports, Yonhap said, citing an unnamed official.
South Korea introduced age restrictions on US beef imports in 2008 due to public concerns over bovine spongiform encephalopathy (BSE), commonly known as mad cow disease, but remains the top buyer of American beef, importing $2.22 billion worth of meat in 2024.
On rice, South Korea already grants the US a 32% share of its import quota at reduced tariffs.
South Korean Trade Minister Yeo Han-koo said Tuesday that his country will do all it can to reach a trade deal with the US.
"At this point, we plan to engage in negotiations from across the board," Yeo said as he arrived in Washington with an Aug. 1 deadline for tariff negotiations approaching.
South Korea is holding talks with the US for a deal on tariffs after US President Donald Trump announced that goods from South Korea will be subject to tariffs of 25% starting Aug. 1 if no deal is reached.
