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U.S. Agencies Review Formal South Korea Tariff Plan as Talks Remain Inconclusive

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  • South Korea's Foreign Minister Cho Hyun (L) shakes hands with U.S. Secretary of State Marco Rubio prior to their talks at the State Department on Feb. 3, 2026. (Pool photo) (Yonhap)
    Image: Yonhap
    South Korea's Foreign Minister Cho Hyun (L) shakes hands with U.S. Secretary of State Marco Rubio prior to their talks at the State Department on Feb. 3, 2026. (Pool photo) (Yonhap) Source Full size
  • This file photo, released by Reuters, shows U.S. Treasury Secretary Scott Bessent speaking during the 56th annual World Economic Forum meeting in Davos, Switzerland, on Jan. 19, 2026. (Yonhap)
    Image: Yonhap
    This file photo, released by Reuters, shows U.S. Treasury Secretary Scott Bessent speaking during the 56th annual World Economic Forum meeting in Davos, Switzerland, on Jan. 19, 2026. (Yonhap) Source Full size
  • Industry Minister Kim Jung-kwan speaks to the press at Dulles International Airport near Washington, D.C., on Jan. 28, 2026. (Yonhap)
    Image: Yonhap
    Industry Minister Kim Jung-kwan speaks to the press at Dulles International Airport near Washington, D.C., on Jan. 28, 2026. (Yonhap) Source Full size
  • Rep. Han Jeoung-ae of the ruling Democratic Party speaks during a press briefing at the National Assembly in Seoul on Feb. 1, 2026. (Yonhap)
    Image: Yonhap
    Rep. Han Jeoung-ae of the ruling Democratic Party speaks during a press briefing at the National Assembly in Seoul on Feb. 1, 2026. (Yonhap) Source Full size
  • This photo, taken Jan. 29, 2026, shows Trade Minister Yeo Han-koo speaking to the press at Incheon International Airport, west of Seoul. (Yonhap)
    Image: Yonhap
    This photo, taken Jan. 29, 2026, shows Trade Minister Yeo Han-koo speaking to the press at Incheon International Airport, west of Seoul. (Yonhap) Source Full size
  • Prime Minister Kim Min-seok holds a press conference at his official residence in Seoul on Feb. 2, 2026. (Yonhap)
    Image: Yonhap
    Prime Minister Kim Min-seok holds a press conference at his official residence in Seoul on Feb. 2, 2026. (Yonhap) Source Full size
  • South Korea's Foreign Minister Cho Hyun (L) shakes hands with U.S. Secretary of State Marco Rubio prior to their talks at the State Department on Feb. 3, 2026. (Pool photo) (Yonhap)
    Image: Yonhap
    South Korea's Foreign Minister Cho Hyun (L) shakes hands with U.S. Secretary of State Marco Rubio prior to their talks at the State Department on Feb. 3, 2026. (Pool photo) (Yonhap) Source Full size
  • South Korea's Industry Minister Kim Jung-kwan arrives at Dulles International Airport near Washington, D.C., on Jan. 28, 2026. (Yonhap)
    Image: Yonhap
    South Korea's Industry Minister Kim Jung-kwan arrives at Dulles International Airport near Washington, D.C., on Jan. 28, 2026. (Yonhap) Source Full size
  • South Korea's Foreign Minister Cho Hyun (L) shakes hands with U.S. Secretary of State Marco Rubio prior to their talks at the State Department on Feb. 3, 2026. (Pool photo) (Yonhap)
    Image: Yonhap
    South Korea's Foreign Minister Cho Hyun (L) shakes hands with U.S. Secretary of State Marco Rubio prior to their talks at the State Department on Feb. 3, 2026. (Pool photo) (Yonhap) Source Full size
  • South Korea's Industry Minister Kim Jung-kwan speaks to the press outside the Commerce Department in Washington on Jan. 30, 2026. (Yonhap)
    Image: Yonhap
    South Korea's Industry Minister Kim Jung-kwan speaks to the press outside the Commerce Department in Washington on Jan. 30, 2026. (Yonhap) Source Full size
  • Trade Minister Yeo Han-koo speaks to the press at Incheon International Airport, west of Seoul, before departing for Washington on Jan. 29, 2026. (Yonhap)
    Image: Yonhap
    Trade Minister Yeo Han-koo speaks to the press at Incheon International Airport, west of Seoul, before departing for Washington on Jan. 29, 2026. (Yonhap) Source Full size
  • Industry Minister Kim Jung-kwan speaks to the press at Dulles International Airport near Washington, D.C., on Jan. 28, 2026. (Yonhap)
    Image: Yonhap
    Industry Minister Kim Jung-kwan speaks to the press at Dulles International Airport near Washington, D.C., on Jan. 28, 2026. (Yonhap) Source Full size
  • Foreign Minister Cho Hyun speaks during a panel discussion hosted by Kwanhun Club, a senior journalists' association, in Seoul on Jan. 29, 2026. (Yonhap)
    Image: Yonhap
    Foreign Minister Cho Hyun speaks during a panel discussion hosted by Kwanhun Club, a senior journalists' association, in Seoul on Jan. 29, 2026. (Yonhap) Source Full size
  • Foreign Minister Cho Hyun speaks to reporters ahead of his departure for the United States, at Incheon International Airport, west of Seoul, on Feb. 3, 2026. (Yonhap)
    Image: Yonhap
    Foreign Minister Cho Hyun speaks to reporters ahead of his departure for the United States, at Incheon International Airport, west of Seoul, on Feb. 3, 2026. (Yonhap) Source Full size
  • Industry Minister Kim Jung-kwan speaks to the press at Dulles International Airport near Washington on Jan. 28, 2026. (Yonhap)
    Image: Yonhap
    Industry Minister Kim Jung-kwan speaks to the press at Dulles International Airport near Washington on Jan. 28, 2026. (Yonhap) Source Full size
  • South Korea's Industry Minister Kim Jung-kwan (C) speaks to the press at Incheon International Airport in Incheon, west of Seoul, on Jan. 31, 2026. (Yonhap)
    Image: Yonhap
    South Korea's Industry Minister Kim Jung-kwan (C) speaks to the press at Incheon International Airport in Incheon, west of Seoul, on Jan. 31, 2026. (Yonhap) Source Full size
  • Foreign Minister Cho Hyun arrives at Incheon International Airport, west of Seoul, to depart for the United States on Feb. 3, 2026. (Yonhap)
    Image: Yonhap
    Foreign Minister Cho Hyun arrives at Incheon International Airport, west of Seoul, to depart for the United States on Feb. 3, 2026. (Yonhap) Source Full size
  • This photo, taken Jan. 29, 2026, shows Trade Minister Yeo Han-koo speaking to the press at Incheon International Airport, west of Seoul. (Yonhap)
    Image: Yonhap
    This photo, taken Jan. 29, 2026, shows Trade Minister Yeo Han-koo speaking to the press at Incheon International Airport, west of Seoul. (Yonhap) Source Full size
  • South Korea's Foreign Minister Cho Hyun (L) shakes hands with U.S. Secretary of State Marco Rubio prior to their talks at the State Department on Feb. 3, 2026. (Pool photo) (Yonhap)
    Image: Yonhap
    South Korea's Foreign Minister Cho Hyun (L) shakes hands with U.S. Secretary of State Marco Rubio prior to their talks at the State Department on Feb. 3, 2026. (Pool photo) (Yonhap) Source Full size
  • South Korea's Foreign Minister Cho Hyun (L) shakes hands with U.S. Secretary of State Marco Rubio prior to their talks at the State Department on Feb. 3, 2026. (Pool photo) (Yonhap)
    Image: Yonhap
    South Korea's Foreign Minister Cho Hyun (L) shakes hands with U.S. Secretary of State Marco Rubio prior to their talks at the State Department on Feb. 3, 2026. (Pool photo) (Yonhap) Source Full size
  • Foreign Minister Cho Hyun arrives at Incheon International Airport, west of Seoul, to depart for the United States on Feb. 3, 2026. (Yonhap)
    Image: Yonhap
    Foreign Minister Cho Hyun arrives at Incheon International Airport, west of Seoul, to depart for the United States on Feb. 3, 2026. (Yonhap) Source Full size
  • Industry Minister Kim Jung-kwan speaks to the press at Dulles International Airport near Washington, D.C., on Jan. 28, 2026. (Yonhap)
    Image: Yonhap
    Industry Minister Kim Jung-kwan speaks to the press at Dulles International Airport near Washington, D.C., on Jan. 28, 2026. (Yonhap) Source Full size
  • Foreign Minister Cho Hyun speaks to reporters ahead of his departure for the United States, at Incheon International Airport, west of Seoul, on Feb. 3, 2026. (Yonhap)
    Image: Yonhap
    Foreign Minister Cho Hyun speaks to reporters ahead of his departure for the United States, at Incheon International Airport, west of Seoul, on Feb. 3, 2026. (Yonhap) Source Full size
  • Prime Minister Kim Min-seok holds a press conference at his official residence in Seoul on Feb. 2, 2026. (Yonhap)
    Image: Yonhap
    Prime Minister Kim Min-seok holds a press conference at his official residence in Seoul on Feb. 2, 2026. (Yonhap) Source Full size
  • Prime Minister Kim Min-seok holds a press conference at his official residence in Seoul on Feb. 2, 2026. (Yonhap)
    Image: Yonhap
    Prime Minister Kim Min-seok holds a press conference at his official residence in Seoul on Feb. 2, 2026. (Yonhap) Source Full size
  • South Korea's Industry Minister Kim Jung-kwan (C) speaks to the press at Incheon International Airport in Incheon, west of Seoul, on Jan. 31, 2026. (Yonhap)
    Image: Yonhap
    South Korea's Industry Minister Kim Jung-kwan (C) speaks to the press at Incheon International Airport in Incheon, west of Seoul, on Jan. 31, 2026. (Yonhap) Source Full size
  • Rep. Han Jeoung-ae of the ruling Democratic Party speaks during a press briefing at the National Assembly in Seoul on Feb. 1, 2026. (Yonhap)
    Image: Yonhap
    Rep. Han Jeoung-ae of the ruling Democratic Party speaks during a press briefing at the National Assembly in Seoul on Feb. 1, 2026. (Yonhap) Source Full size
  • Rep. Han Jeoung-ae (L) of the ruling Democratic Party enters a press briefing at the National Assembly in Seoul on Feb. 1, 2026. (Yonhap)
    Image: Yonhap
    Rep. Han Jeoung-ae (L) of the ruling Democratic Party enters a press briefing at the National Assembly in Seoul on Feb. 1, 2026. (Yonhap) Source Full size
  • South Korea's Industry Minister Kim Jung-kwan speaks to the press outside the Commerce Department in Washington on Jan. 30, 2026. (Yonhap)
    Image: Yonhap
    South Korea's Industry Minister Kim Jung-kwan speaks to the press outside the Commerce Department in Washington on Jan. 30, 2026. (Yonhap) Source Full size
  • Industry Minister Kim Jung-kwan speaks to the press at Dulles International Airport near Washington on Jan. 28, 2026. (Yonhap)
    Image: Yonhap
    Industry Minister Kim Jung-kwan speaks to the press at Dulles International Airport near Washington on Jan. 28, 2026. (Yonhap) Source Full size
  • Industry Minister Kim Jung-kwan speaks to the press at Dulles International Airport near Washington, D.C., on Jan. 28, 2026. (Yonhap)
    Image: Yonhap
    Industry Minister Kim Jung-kwan speaks to the press at Dulles International Airport near Washington, D.C., on Jan. 28, 2026. (Yonhap) Source Full size
  • Trade Minister Yeo Han-koo speaks to the press at Incheon International Airport, west of Seoul, before departing for Washington on Jan. 29, 2026. (Yonhap)
    Image: Yonhap
    Trade Minister Yeo Han-koo speaks to the press at Incheon International Airport, west of Seoul, before departing for Washington on Jan. 29, 2026. (Yonhap) Source Full size
  • South Korea's Industry Minister Kim Jung-kwan arrives at Dulles International Airport near Washington on Jan. 28, 2026. (Yonhap)
    Image: Yonhap
    South Korea's Industry Minister Kim Jung-kwan arrives at Dulles International Airport near Washington on Jan. 28, 2026. (Yonhap) Source Full size
  • Foreign Minister Cho Hyun speaks during a panel discussion hosted by Kwanhun Club, a senior journalists' association, in Seoul on Jan. 29, 2026. (Yonhap)
    Image: Yonhap
    Foreign Minister Cho Hyun speaks during a panel discussion hosted by Kwanhun Club, a senior journalists' association, in Seoul on Jan. 29, 2026. (Yonhap) Source Full size
  • Foreign Minister Cho Hyun (3rd from L) responds to questions during a panel discussion hosted by Kwanhun Club, a senior journalists' association, in Seoul on Jan. 29, 2026. (Yonhap)
    Image: Yonhap
    Foreign Minister Cho Hyun (3rd from L) responds to questions during a panel discussion hosted by Kwanhun Club, a senior journalists' association, in Seoul on Jan. 29, 2026. (Yonhap) Source Full size
  • South Korea's Industry Minister Kim Jung-kwan arrives at Dulles International Airport near Washington, D.C., on Jan. 28, 2026. (Yonhap)
    Image: Yonhap
    South Korea's Industry Minister Kim Jung-kwan arrives at Dulles International Airport near Washington, D.C., on Jan. 28, 2026. (Yonhap) Source Full size
  • This file photo, released by Reuters, shows U.S. Treasury Secretary Scott Bessent speaking during the 56th annual World Economic Forum meeting in Davos, Switzerland, on Jan. 19, 2026. (Yonhap)
    Image: Yonhap
    This file photo, released by Reuters, shows U.S. Treasury Secretary Scott Bessent speaking during the 56th annual World Economic Forum meeting in Davos, Switzerland, on Jan. 19, 2026. (Yonhap) Source Full size

Tariff Formalization Moves Toward Federal Register The Trump administration began inter‑agency consultations on filing a formal tariff increase for South Korean goods in the Federal Register, a step that would turn President Trump’s 25 % threat from rhetoric into enforceable policy [1]. President Trump warned that reciprocal duties on autos, lumber and pharmaceuticals could rise from the current 15 % to 25 % because of delays in the Korean legislature [1]. Trade Minister Yeo Han‑koo met USTR Jamieson Greer in Washington and reiterated Seoul’s intent to meet the $350 billion investment commitment under the existing pact [1].

Seoul Stresses Commitment to Existing Deal Yeo told U.S. officials that South Korea will honor the tariff agreement and seeks a mutually beneficial resolution after the 25 % threat [2]. He met roughly twenty members of Congress and emphasized that reinstating higher tariffs would damage both economies [2]. The bilateral deal obliges Seoul to invest up to $350 billion in the United States, capped at $2 billion per year, in exchange for the U.S. lowering reciprocal tariffs to 15 % [1][2].

Strategic Cooperation Persists Despite Trade Friction Foreign Minister Cho Hyun and Secretary of State Marco Rubio reaffirmed cooperation on civil nuclear power, nuclear‑powered submarines and shipbuilding during a Washington meeting [3][4]. Both sides reiterated commitment to the full denuclearization of North Korea and highlighted the inaugural Critical Minerals Ministerial as a venue to diversify rare‑earth supply chains [3][4]. The $350 billion investment pledge remains a cornerstone of the broader strategic partnership [3].

Hotline and Legislative Push Aim to Defuse Threat Prime Minister Kim Min‑seok credited a new U.S.–Korea hotline with accelerating tariff‑related talks after President Trump’s surprise 25 % warning [8][9]. The ruling Democratic Party pledged to pass a special bill implementing the investment package by late February or early March, seeking to satisfy the U.S. demand for a concrete legislative timetable [10]. Industry Minister Kim Jung‑kwan’s meetings with Commerce Secretary Howard Lutnick were described as clearing “unnecessary misunderstandings,” though no final agreement emerged [11].

Discrepancies Over U.S. Awareness and Negotiation Outcomes Some reports state that most U.S. officials were unaware of Trump’s tariff plan until the announcement, attributing confusion to his “unique messaging method” [8][9]. Other articles note that the Washington talks concluded without a deal, leaving the tariff issue unresolved and prompting plans for further video‑link negotiations [12][13]. The divergent accounts illustrate ongoing uncertainty about both the procedural readiness of U.S. agencies and the immediate prospects for a tariff settlement.

Sources

Timeline

July 30, 2025 – The United States and South Korea sign a trade deal that caps tariffs at 10 % and grants preferential rates on Korean automobiles, laying the groundwork for deeper economic ties. [2]

Oct 29, 2025 – Presidents Trump and Lee finalize a strategic trade and investment agreement pledging $350 billion of Korean investment in the United States, setting reciprocal tariffs at 15 % and securing U.S. support for Korean nuclear‑powered submarines. [30]

Nov 26, 2025 – South Korea’s National Assembly passes a special bill to enable the $350 billion investment commitment, fulfilling a key condition of the October trade pact. [29]

Dec 1, 2025 – The United States lowers the tariff on Korean automobiles to 15 % retroactive to Nov 1, citing the October 2025 agreement and the investment pledge. [30]

Dec 3, 2025 – The U.S. Federal Register publishes a notice implementing 15 % duties on Korean autos, lumber and aircraft, completing the tariff reductions promised in the October deal. [28]

Jan 26, 2026 – President Trump announces via Truth Social that reciprocal tariffs and auto duties on South Korean goods will rise from 15 % to 25 %, accusing Seoul of failing to ratify the trade agreement. [24]

Jan 27, 2026 – Trump tells reporters, “We will work something out with South Korea,” signaling a possible de‑escalation after his tariff threat. [18]

Jan 27, 2026 – South Korea’s Cheong Wa Dae says it has received no official U.S. notice of the tariff hike and convenes an emergency inter‑agency meeting led by Wi Sung‑lac and Kim Yong‑beom. [25]

Jan 27, 2026 – The presidential office pledges a calm, committed response, noting the tariff increase will only take effect after a U.S. Federal Register notice is issued. [22]

Jan 27, 2026 – Industry Minister Kim Jung‑kwan and Trade Minister Yeo Han‑koo are dispatched to Washington to meet Commerce Secretary Howard Lutnick and USTR Jamieson Greer, respectively, to address the tariff dispute. [21]

Jan 27, 2026 – Finance Minister Koo Yun‑cheol promises “active explanation” to the United States on the pending investment bill and reiterates the $350 billion pledge. [17]

Jan 27, 2026 – Treasury Secretary Scott Bessent states the United States has no trade deal with South Korea until the Korean parliament ratifies it. [13]

Jan 28, 2026 – Foreign Minister Cho Hyun declares the tariff warning is “not directly connected” to the Coupang data‑leak probe, separating trade policy from domestic regulatory actions. [16]

Jan 28, 2026 – South Korean officials announce they will detail the special investment bill to U.S. officials and aim for a parliamentary vote by February to satisfy Washington’s tariff condition. [14]

Jan 28, 2026 – Cho Hyun prepares to explain South Korea’s legislative process to U.S. officials ahead of his Washington trip on Feb 3, emphasizing the investment‑bill timeline. [8]

Jan 29, 2026 – Industry Minister Kim Jung‑kwan lands at Dulles and meets Commerce Secretary Howard Lutnick, seeking to defuse the tariff threat and confirm progress on the $350 billion investment bill. [10]

Jan 29, 2026 – Trade Minister Yeo Han‑koo departs for Washington to meet USTR Jamieson Greer and clarify the reasons for the legislative delay. [11]

Jan 30, 2026 – The first day of U.S.–South Korea tariff talks ends without agreement; both sides agree to reconvene the next morning to continue negotiations. [9]

Feb 3, 2026 – Foreign Minister Cho Hyun meets Secretary of State Marco Rubio in Washington, stressing the $350 billion investment link and discussing U.S. support for Korean uranium enrichment and nuclear‑submarine programs. [7]

Feb 4, 2026 – Secretary of State Marco Rubio and Foreign Minister Cho Hyun reaffirm cooperation on civil nuclear power, nuclear‑powered submarines and shipbuilding amid the ongoing tariff dispute. [6]

Feb 4, 2026 – Rubio hosts the inaugural Critical Minerals Ministerial, which Cho Hyun will attend to diversify supply chains for rare‑earth minerals and strengthen strategic cooperation. [6]

2026 (future) – A pending U.S. Supreme Court case on the president’s authority under the 1977 International Emergency Economic Powers Act could block the 25 % tariff increase on South Korean goods. [2][3][5]

Feb 2026 (expected) – South Korea’s finance committee aims to merge five investment‑bill proposals into a single measure and secure a floor vote in February, hoping to meet the U.S. tariff‑reduction condition. [1][14]

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