“It’s certainly not easy, that much is clear. And to be honest, I can’t say with confidence that we’ll be able to wrap everything up by July 8,“ Lee said at a press conference marking his first month in office.
Already hit by sector levies on steel and car exports, Seoul is laser-focused on negotiations over a 25 percent country-specific tariff that has been suspended until next week.
Seoul’s ministry of industry and trade confirmed this week it is seeking an extension.
Yeo said the reimposition of US tariffs would be a “grave situation” requiring an all-out, government-wide effort to minimise the negative impact on Asia’s fourth-largest economy.
He inherited a nation deeply fractured by the political crisis triggered by his predecessor, Yoon Suk Yeol, whose attempted imposition of martial law in December sent shockwaves through South Korean democracy.
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