South Korea's New Trade Chief Vows to Manage Risks in Ties with Washington

South Korea's new chief trade negotiator, Trade Minister Park Jung-sung, has vowed to make an all-out effort to manage risks in the country's trade ties with Washington amid a major transition in the global order. In his inaugural address, Park stated that tariffs, subsidies, industrial policies, supply chain alliances, and export controls are now key tools shaping global trade. He noted that U.S. tariff restructuring and the push to localize strategic industries have made the strategic competition between the U.S. and China a permanent feature of the global trade landscape.

Park's appointment occurs as South Korea and the United States negotiate their first investment project under a $350 billion investment commitment made last year. He described the implementation of these strategic investment projects as both the biggest challenge and the biggest opportunity in bilateral relations. Park emphasized that South Korea's trade policy must strengthen the position of irreplaceable industries, including semiconductors, nuclear power, and shipbuilding, within global supply chains.

Additionally, the minister called for the fostering of new industries with high growth potential, such as artificial intelligence, consumer goods, and Korean cultural content. The Ministry of Trade, Industry and Resources noted that annual exports are rising from approximately $700 billion toward $1 trillion. Park concluded by stating that countries with irreplaceable industries are chosen, while those with only replaceable industries are forced to make tough choices.