New trade chief vows all-out efforts to manage Seoul-Washington trade risks

Korea's newly appointed chief trade negotiator has pledged to make comprehensive efforts to handle the risks associated with the country's trade relations with Washington, as the global order undergoes significant changes, according to the trade ministry. In his opening remarks, Trade Minister Park Jung-sung highlighted tariffs, subsidies, industrial policies, supply chain alliances, and export controls as crucial instruments in shaping the global trade order, as reported by the Ministry of Trade, Industry, and Resources.

His appointment follows the commencement of negotiations between South Korea and the United States on their first investment project under the latter's $350 billion investment pledge from last year, as part of their trade agreement.

Park emphasized that the tariff restructuring initiated by the U.S. and its efforts to localize strategic industries are transforming strategic competition between the U.S. and China into a permanent aspect of the global trade environment. He further stated that implementing strategic investment projects between Seoul and Washington represents both the most significant challenge and opportunity in bilateral relations.