The US and South Korea will have trade talks in Washington this week. At the request of the US. South Korea’s Trade Minister Ahn Duk-geun and Finance Minister Choi Sang-mok will talk with US Trade Representative Jamieson Greer. And Treasury Secretary Scott Bessent on the sidelines of IMF and World Bank spring meetings.
US-South Korea Tariff Talks
The negotiations follow former US President Donald Trump declaring a 25% “reciprocal” tariff against South Korea. Which has been suspended but not canceled. Though South Korea enjoys a free trade agreement with the US and does not charge tariffs on US goods, Trump’s action alarmed Seoul.
But South Korea’s acting President Han Duck-soo stressed his nation’s historic partnership with America, saying that Korea “will not resist” the obligations but rather seek “win-win solutions.”
Han recognized the United States’ contribution to post-war development in Korea through aid, technology transfer, and investment. He also signaled openness to talking about non-tariff barriers in the consultations.
In addition to trade tensions, Korea is also being scrutinized for its cryptocurrency market. Regulators have strengthened regulations in the last few months aimed at preventing fraud and illegal crypto transactions.
More than 100 crypto exchanges in the country are being reviewed, and tighter anti-money laundering (AML) checks have been put in place. A number of executives have been prosecuted for embezzlement and running unregistered exchanges.
The monetary crackdown is made against the backdrop of a global drive for clearer regulation of digital assets. With South Korea seeking to avoid another wave of crypto-related fraud. This approach could shape the current trade talks, as digital finance, such as stablecoins and cross-border payments, becomes an increasingly important area of bilateral interest.
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Source: https://thenewscrypto.com/us-south-korea-tariff-talks-coincide-with-crypto-crackdown/