JEJU, South Korea — The Asia-Pacific Economic Cooperation (APEC) group convened on May 15, 2025, at the Jeju International Convention Center, where trade ministers expressed significant concern over mounting challenges to global trade, primarily influenced by US tariffs.

The gathering on Jeju Island included representatives from the 21-member APEC group, which encompasses major economies, including China and the United States.

In a joint statement, the ministers underscored their commitment to addressing the existing economic challenges within the region and the importance of collaborative efforts.

The statement specifically highlighted the need for cooperation in the face of fundamental threats to the global trading system, which have intensified since the imposition of tariffs by the administration of former President Donald Trump.

The United States, represented by Trade Representative Jamieson Greer, held numerous bilateral meetings with member countries geared towards mitigating the adverse effects of Washington's tariffs.

Trade Minister Cheong In-Kyo of South Korea noted the challenges faced in reaching consensus, revealing that discussions had initially surfaced significant differences among member nations.

However, an agreement was ultimately reached just prior to the conclusion of the meeting, reflecting a cohesive commitment to improving global trading mechanisms such as the World Trade Organization (WTO) and promoting sustainable supply chains.

Amid these discussions, Minister Cheong emphasized that there was no collective strategy established regarding responses to US tariffs, citing the distinct circumstances that each country faces.

South Korea recorded a $66 billion trade surplus with the United States in the previous year, positioning it as a significant player in the trade balance and making it a target of US tariff policies.

The South Korean economy, which is heavily reliant on exports, has been adversely affected by the 25 percent tariffs imposed on automotive goods.

Minister Greer held subsequent meetings with South Korea’s Trade, Industry and Energy Minister Ahn Duk-geun, where they agreed to initiate a second round of technical consultations on trade matters.

Ahn reinforced the importance of the existing free trade agreement between the United States and South Korea and underscored the urgency of addressing the current tariff situation, which he noted had become a critical concern.

In recent developments, the US administration had announced reciprocal tariffs of up to 25 percent on South Korean exports, although these were subsequently suspended until early July.

Ahn expressed confidence in finalizing an agreement by the impending deadline, emphasizing a collaborative approach that included discussions on increased purchases of US liquefied natural gas (LNG) and support for the shipbuilding industry, where South Korea holds a leading position.

Additionally, Greer met with key figures in the South Korean shipbuilding sector, including Chung Ki-sun, vice chairman of HD Hyundai, and executives from Hanwha Ocean, which specializes in services for US Navy vessels.

Following these engagements, shares of Hanwha Ocean and HD Hyundai Heavy Industries experienced notable increases in trading activity.