financetom
Business
financetom
/
Business
/
South Korea holds 'shipbuilding card' in US tariff negotiations, industry minister says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
South Korea holds 'shipbuilding card' in US tariff negotiations, industry minister says
Apr 8, 2025 9:00 PM

By Ju-min Park

SEOUL (Reuters) - South Korea's trade and industry minister Ahn Duk-geun said on Wednesday that potential cooperation with Washington in the shipbuilding sector is a "very important card" in negotiating with the U.S. over its tariffs.

U.S. President Donald Trump spoke to South Korean interim leader Han Duck-soo late on Tuesday to discuss shipbuilding and potential energy deals in what Trump labelled a "great call", a day before a 25% tariff on its Asian ally is due to kick in.

"Since President Trump and the Trump administration are showing great interest in shipbuilding cooperation, we believe that the shipbuilding sector will be a very important negotiating card for us," Minister of Trade, Industry, and Energy Ahn told parliament, citing Trump's call with Han.

U.S.-ally South Korea is a major global player in the shipbuilding industry and Trump has previously cited concern over how his country has fallen behind in a sector that is also dominated by China.

Ahn warned, however, that U.S. tariffs were expected to have a "very negative" impact on South Korean exports such as automobiles, reiterating that the government would focus on negotiating with Washington.

The Yonhap News Agency cited a senior official at Acting President Han's office as saying the top priority in negotiating with the U.S. was to lower tariff rates.

Trump said he talked to Han about South Korea's payment for "big time" U.S. military protection, signaling that defence cost could be part of a broader deal not only about tariffs and trade.

Trump has pressured allies including South Korea to pay more for American troops stationed in the countries.

The official from Han's office, however, said the issue of defence cost was not connected to the tariff negotiations, according to Yonhap.

On Wednesday, the South Korean government announced emergency support measures for its auto sector, which include tax cuts and subsidies to boost domestic demand.

With South Korea seeking to negotiate with the U.S. over tariffs, not retaliate, Seoul's top trade envoy Cheong In-kyo is currently in Washington to meet top U.S. officials including Trade Representative Jamieson Greer.

Cheong said that he would put on the table a potential energy deal in Alaska and cooperation in shipbuilding in negotiating with Washington officials.

Grilled by opposition lawmakers over whether the government was giving too much away, Ahn promised to protect the national interests.

"We might have lost a few battles, but did not lose in a war. We will not lose in this war too," he said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Mar 21, 2024
BOGOTA, March 21 (Reuters) - The Reficar oil refinery belonging to Colombia's Ecopetrol was awarded 19.9% of the common capital in infrastructure firm McDermott in preferential shares by a judge in Amsterdam, Ecopetrol said in a statement on Thursday. The refinery is located in the Colombian city of Cartagena. ...
Oil eases on possible Gaza ceasefire, dollar strength
Oil eases on possible Gaza ceasefire, dollar strength
Mar 21, 2024
SINGAPORE (Reuters) -Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. Brent crude futures fell 42 cents, or 0.5%, to $85.36 a barrel by 0203 GMT. U.S. crude futures shed 40 cents, or 0.5%,...
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Mar 21, 2024
(Reuters) -Luggage maker Samsonite International ( SMSOF ) on Friday said it plans to pursue a dual listing in addition to its listing on the Hong Kong Stock Exchange to increase the liquidity of its shares and reach investors in more markets. Samsonite ( SMSOF ) did not provide details of the exchanges it is considering for the second listing,...
Meta's Instagram down for thousands, Downdetector shows
Meta's Instagram down for thousands, Downdetector shows
Mar 21, 2024
March 21 (Reuters) - Meta Platforms's ( META ) Instagram was down for thousands of users on Thursday, according to outage tracking website Downdetector.com. ...
Copyright 2023-2025 - www.financetom.com All Rights Reserved