USTR Greer’s visits S. Korea: High-stakes talks amid tariff deadlock

그리어 USTR 대표 방한 교착 국면 속 한미 통상•조선 협력 주목

Welcome to Within The Frame, where we bring the most pressing issues across the globe into focus. I'm Kim Mok-yeon.
This week, all eyes are on Jeju, where the U.S. Trade Representative Jamieson Greer is visiting South Korea for a high-stakes bilateral meeting with Trade Minister Ahn Duk-geun.
The meeting, held on the sidelines of the APEC Ministerial, comes at a critical time — tariff negotiations between the two nations have been dragging for months, and hopes are now pinned on what’s being called the “July Package” to break the deadlock.
But the timing is tight.
With Korea’s new administration preparing to take office and the U.S. fast-tracking trade deals with the U.K. and China, pressure is mounting on Seoul and Washington to find common ground.

For more on this, we are joined online by Song Soo-young, Professor of Business and Economics at Chung-Ang University. Welcome


Also joining us from Texas is Hwagyun Kim, professor of Banking and Finance at Texas A&M University, Mays Business School. Great to see you.


1. (Kim) Let’s begin with the APEC Ministerial Meeting in Jeju, where Seoul's top trade officials Jung In-kyo, head of trade negotiations, and Industry Minister Ahn Duk-geun held back-to-back talks with U.S. Trade Representative Jamieson Greer.
With bilateral tariff negotiations still making little headway, what is the significance and importance of these high-level bilateral meetings?


2. (Song) It’s now being reported that the trade ministers from both countries agreed to begin full-fledged discussions next week in the U.S., focusing on six key areas—including balanced trade and non-tariff measures.
How do you assess this development? And would you say that the negotiations are entering a full-scale phase starting with the second round of technical talks next week?


3. (Song) Adding another layer to the negotiations — before the high-level talks even began — Greer, at Washington’s request, met with top executives from Korea’s shipbuilding industry, including HD Hyundai’s Chung Ki-sun and Hanwha’s Kim Hee-chul.
Does this signal that shipbuilding cooperation is now emerging as a strategic bargaining chip in broader Korea-U.S. trade discussions?


4. (Kim) Looking at the broader picture, the U.S. has recently struck tentative deals with the U.K. and China involving tariff reductions and easing of non-tariff barriers.
What’s behind this acceleration in Washington’s trade negotiation efforts?


5. (Kim) In that context, Korea has set a goal to conclude a deal by July, coinciding with the launch of the new administration.
But if the U.S. pushes for an earlier outcome, how should Korea respond? And what lessons can we draw from the recent U.S. deals with the U.K. and China?


6. (Kim) Shifting to another key issue — exchange rates. Working-level discussions on this front reportedly began in earnest last week, as part of the broader Korea-U.S. trade agenda.
With concerns that the U.S. may pressure Korea toward a stronger won, but reports suggesting currency policy might be left off the table, how do you see this playing out?


7. (Song) Given those currency discussions — along with ongoing U.S.-China trade negotiations — the won-dollar exchange rate has shown considerable volatility.
What’s your outlook on how the market trend might evolve from here?


8. (Kim) At the same time, the domestic economic outlook is darkening. Korea’s KDI recently slashed its growth forecast to just 0.8% — a historic low among both domestic and international institutions.
Is the fear of a recession becoming more than just sentiment at this point?


9. (Song) And with those economic worries mounting, a nationally televised presidential debate on the economy is set for May 18.
What should viewers be watching for in that debate? And looking ahead, what should the next administration prioritize first to pull Korea out of stagnation and get the real economy moving again?

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2025-05-16, 20:30 (KST)