South Korea Presses U.S. on Auto Tariff Timeline, Secures Fair-Treatment Promise on Chips

South Korea is intensifying trade and currency discussions with Washington after receiving a commitment that any future U.S. tariffs on semiconductors and pharmaceuticals will not treat Korean exports less favorably than those of other nations, Finance Minister Koo Yun-cheol told lawmakers in Seoul on Wednesday. Koo added that Seoul is working with U.S. counterparts on foreign-exchange issues and will seek to keep won volatility contained while ensuring rates remain market-driven. He also pledged to limit any bond-market impact from the Biden administration’s investment-funding package. Separately, Industry Minister Kim Jung-kwan said further talks are needed to determine when Washington will lower its 25% duty on South Korean automobile shipments. U.S. President Donald Trump last week outlined a 15% tariff on most South Korean imports, including cars, but the cut’s effective date has yet to be settled. Seoul has formally requested negotiations to safeguard its automakers and is pressing for a swift schedule to give Hyundai Motor and Kia parity with Japanese and European competitors. The two governments have also agreed to continue consultations on South Korea’s proposed online-platform legislation to ensure U.S. tech firms are not disadvantaged. Trade officials said the wider bilateral agenda—ranging from tariff relief to defense-industry cooperation—will be taken up at an expected Trump–Lee summit later this month, where the leaders aim to announce a broad accord on ‘alliance modernization’ and leave detailed follow-through to working-level negotiators.