Trade Minister Yeo Han-koo stated upon returning from a weeklong US trip on February 5, 2026, that South Korea will continue close consultations with the United States to avert a tariff hike threatened by President Donald Trump. The move follows Trump's surprise announcement to raise reciprocal tariffs and auto duties on Korea to 25 percent, citing delays in Seoul's legislative process for their bilateral trade deal. Yeo highlighted ongoing efforts to legislate a special bill and address non-tariff issues.
On February 5, 2026, Trade Minister Yeo Han-koo told reporters at Incheon International Airport that the key issue is whether the US will immediately impose tariffs upon publishing a Federal Register or allow a grace period of one to two months. He insisted such a publication is "unnecessary" as Seoul continues "good faith efforts" to implement the tariff agreement.
Yeo's weeklong trip to Washington followed President Donald Trump's surprise announcement of plans to raise "reciprocal" tariffs and auto duties on South Korea back to 25 percent. This reverses reductions to 15 percent under their bilateral trade deal, due to delays in Korea's legislative process. During the visit, Yeo met the deputy US Trade Representative and about 20 US lawmakers to reaffirm Seoul's commitment to a special bill for the deal and discuss non-tariff issues like digital regulations, per the Ministry of Trade, Industry and Resources.
Yeo welcomed the opposition parties' Wednesday agreement to form a special committee to advance the US investment bill within a month, which he said would help ease trade tensions. "While it is difficult to say with certainty how the US will accept this move, I believe the National Assembly's commitment to moving forward with the legislative process through the rival parties' agreement will definitely be helpful as Washington has cited the delay in the legislation of the US investment bill as the biggest reason for its tariff hike plan," he stated.
On non-tariff matters, tensions include Seoul's probe into Coupang Inc.'s massive data leak. Washington has voiced concerns, with some US lawmakers labeling the investigation "discrimination" against the US-listed e-commerce firm, potentially harming bilateral ties. Seoul officials maintain the issues are unrelated to the tariff threat. The government plans to pursue consultations to best serve national interests.
