Trade envoy requests support for S. Korean companies in meeting with U.S. lawmakers

SEOUL, June 27 (Yonhap) -- South Korea's chief trade negotiator has asked U.S. lawmakers to create a "stable" and "predictable" business environment for Korean companies amid Washington's push to legislate a tax bill aimed at reducing tax credits for electric vehicles, Seoul's industry ministry said Friday.

Trade Minister Yeo Han-koo made the request in separate meetings with U.S. Republican Sens. Todd Young from Indiana and Bill Hagerty from Tennessee, as well as Korean American U.S. Rep. Young Kim, in Washington on Thursday (U.S. time), according to the Ministry of Trade, Industry and Energy.

In the meetings, Yeo called on the U.S. lawmakers to help ensure a "stable" and "predictable" business environment for Korean companies as the tax bill proposed by the Donald Trump administration is expected to significantly affect global markets and the economy.

The bill, dubbed the "One Big Beautiful Bill Act," includes changes that would scale back tax credits for electric vehicles and other incentives provided under the Inflation Reduction Act, a measure that would also impact Korean exporters.

Yeo emphasized the importance of fostering a mutually beneficial partnership between South Korea and the United States, especially amid growing uncertainty surrounding the Trump administration's tariff and industrial policies, according to his office.

Yeo also held a virtual meeting with Louisiana Gov. Jeff Landry on Thursday to discuss support measures for Korean companies operating in the state, as well as other trade issues.

Louisiana is the third-largest U.S. state in terms of natural gas production, a key item in ongoing trade negotiations between Seoul and Washington, and is poised to house Korean steel giant Hyundai Steel Co.'s first-ever overseas steel mill, scheduled to be constructed by 2029.

The Korean trade minister has been visiting the U.S. capital since Sunday to hold trade talks with his U.S. counterparts on tariffs, non-tariff measures and other issues, marking his first official visit to the U.S. since taking office earlier this month.

On Monday, Yeo met with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick to convey Seoul's position on the Trump administration's tariff measures.

In May, Seoul and Washington agreed to craft a package deal on tariffs and other trade issues by July 8, when the 90-day suspension of U.S. reciprocal tariffs, including 25 percent duties for South Korea, will end.

The Seoul government has been working to negotiate with the Trump administration to get a full exemption or reduction of the reciprocal tariffs, as well as sectoral duties that include 50 percent tariffs on steel imports and 25 percent tariffs on car imports.

Yeo earlier vowed efforts to craft a "pragmatic" and "mutually beneficial" deal between the two countries.

On Wednesday, the Korean trade envoy also held talks with Rep. Jason Smith (R-MO), chair of the U.S. House Committee on Ways and Means; Rep. Adrian Smith (R-NE), head of the trade subcommittee of the committee; and Rep. Carol Miller (R-WV) to discuss the U.S. tax bill.

nyway@yna.co.kr
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