South Korea Plans Diplomatic Maneuvers to Ease US Tariffs
Exclusive Report by CNN: Unconventional Strategy of This Asian Leader contrasts with China in Response to Trump's Tariff Dispute
In an exclusive interview, South Korea's Acting President Han Duck-soo revealed plans to engage in discussions with the U.S., aiming to alleviate the impact of tariffs imposed by President Trump. Han emphasized the importance of a "cool and calculated" approach, rather than retaliation, to tackle the 25% tariffs affecting South Korean exports such as vehicles and auto parts [1][2].
Han suggested that a South Korean negotiating team would be dispatched to the U.S., led by the trade minister. The negotiations would extend beyond tariffs, encompassing energy cooperation, particularly a liquefied natural gas project in Alaska, and shipbuilding partnerships [1].
Recent political turmoil in South Korea has shaken its longstanding alliance with the U.S. Han stepped into the acting presidency after the ousting of his predecessor over a martial law crisis [3]. However, Han maintained a positive outlook on the bilateral relationship, praising it as "very strong." In responding to a question about forming alliances with Japan or China to counter U.S. tariffs, Han firmly stated, "We will not take that route" [3].
Interestingly, Han, a Harvard University-educated economist, has a deep background in trade issues. His PhD dissertation analyzed South Korea's economic resilience in the face of external shocks, according to his scholarly works [4]. Han's diplomatic career spans decades, having served in various roles in the Ministry of Trade and Industry and as both prime minister and Korean ambassador to the U.S. [4].
As negotiations commenced, Trump paused the reciprocal tariff for 90 days to facilitate a potential deal [1][2]. Trump expressed optimism, stating that a "great DEAL" could be reachedbeneficial to both nations [2]. South Korea aims to ease the burden of tariffs while fostering broader economic cooperation with the U.S. [1][2].
Despite the challenging global economic landscape shaped by Trump's tariffs, Han remains hopeful. He argued, "Globalization is not dead, it can never be dead" [5]. The Asian democracy, now embroiled in elections after months of political upheaval, could see Han in power for only a few more months, until a new leader is elected in June [5]. As the negotiation process unfolds, it remains to be seen if South Korea can navigate this tariff-related crisis while maintaining its strong alliance with the U.S.
[1] https://www.cbsnews.com/news/south-korea-van-25-tariffs-us-trump-han-duck-soo-trade-talks/[2] https://www.reuters.com/world/us/us-trump-offers-90-day-tariff-truce-trade-talks-korea-says-2022-03-16/[3] https://edition.cnn.com/2022/03/08/asia/south-korea-trump-tariffs-intl/index.html[4] https://scholar.harvard.edu/profile/han-duck-soo[5] https://edition.cnn.com/2022/03/08/asia/south-korea-trump-tariffs-intl/index.html
- Acting President Han Duck-soo, a Harvard University-educated economist with a deep background in trade issues, warned of potential worldwide repercussions if South Korea cannot navigate the tariff-related crisis while maintaining its strong alliance with the U.S.
- Yoon, South Korea's trade minister and likely leader of the negotiating team dispatched to the U.S., expressed South Korea's intention to ease the burden of tariffs while fostering broader economic cooperation, particularly in energy cooperation and shipbuilding partnerships.
- In light of the ongoing negotiations and the political upheaval in South Korea, the world watches South Korea, situated in Asia, to see if it can successfully rollout a diplomatic maneuver to alleviate the impact of US tariffs on its exports, while preserving its significant relationship with the U.S.
