Minister for Trade Arrives in U.S., Says Coupang Issue Should Be Separated from Trade and Diplomacy

[Financial News] Yeo Han-koo, Minister for Trade at MOTIE, stated his position on Coupang and the reciprocal tariff ruling as he entered the United States on the 11th (local time). He explained that the Coupang issue will be handled separately from diplomacy, while it is still too early to assess the direction of former U.S. President Donald Trump’s reciprocal tariff policy ruling.
Yeo met with Korean reporters upon his arrival at Washington Dulles International Airport in Washington, D.C. That day. Regarding complaints in U.S. political circles that South Korea is putting pressure on Coupang, he said, “We have not yet heard of any such issue (officially) from the U.S. government.” He stressed, “The Korean government is not targeting or discriminating against any particular U.S. company, namely Coupang.” He went on to say, “The core of the problem lies in the massive data leak at Coupang and the company’s inadequate response afterward,” adding, “Because we are responding in a non-discriminatory and fair manner in that process, it is necessary to keep this strictly separate from trade or diplomatic issues.”
Coupang’s Korean subsidiary is 100% owned by its U.S.-listed parent company, Coupang, Inc., and more than 70% of the voting rights in the parent company are held by founder Bom Kim, who serves as chair of the Coupang, Inc. board of directors. In U.S. political circles, some argue that the Korean government’s investigation into Coupang amounts to discrimination and regulation against a U.S. IT company.
Regarding concerns in the United States about South Korea’s moves to regulate online platforms, Yeo said, “It seems necessary to explain our policy and legislative intent clearly and accurately,” adding, “There appear to be some misunderstandings on the U.S. side.” He said he would reach out to figures in U.S. political and business circles to seek their understanding.
Yeo was also asked what impact a ruling by the Supreme Court of the United States (SCOTUS) that deems the Trump administration’s reciprocal tariff policy unlawful would have on the South Korea–United States trade agreement. He replied, “What matters is what decision SCOTUS hands down, and there are a great many variables.” Yeo added, “It is difficult to make any predictions at this point, and the purpose of this visit to the United States is to hear a wide range of views from the U.S. government, law firms, and trade experts in the United States, and to prepare thoroughly for the various scenarios that could emerge.”
Yeo also commented on the fact that the schedule for the Joint Committee of the Korea–United States Free Trade Agreement, which was to be held to discuss non-tariff barriers in the bilateral tariff negotiations, has been postponed once. He said, “We are in close communication with the Office of the United States Trade Representative (USTR) regarding the schedule and agenda.”
He added, “We plan to set the schedule for the Joint Committee of the Korea–United States Free Trade Agreement as soon as both sides are ready,” and noted, “On core and substantive matters, we are maintaining constructive discussions at all times at both the top and working levels.”
 

pjw@fnnews.com Park Jong-won Reporter