U.S. President Donald Trump said on Jan. 27, local time, that he would work out a solution with South Korea over his plan announced the previous day to raise tariffs on Korean products.

Trump made the remarks at the White House before leaving for Iowa after reporters asked if he would raise tariffs on South Korea. "We're going to work something out," he said.

He repeated: "We'll work something out with South Korea," he said.

The remarks are seen as leaving room to withdraw the tariff increase through talks with South Korea.

Trump said the previous day on social media Truth Social that a U.S.-South Korea trade agreement had not been legislated by the South Korean National Assembly, and that he would raise tariffs on Korean products such as automobiles to 25 percent from 15 percent.

This was taken as pointing to delays in the National Assembly passage of a special law on U.S. investment to implement a $350 billion investment pledged by South Korea to the United States.

Trump did not mention when the tariff increase would take effect. No further steps such as an executive order followed, leading to interpretations that he left room for negotiations with South Korea.

The two countries signed a "memorandum of understanding (MOU) on U.S.-South Korea strategic investment" in November last year and agreed to apply tariff cuts retroactively from the first day of the month in which legislation to implement the MOU is submitted to the South Korean National Assembly.

After the special law bill was submitted to the South Korean legislature, the U.S. government retroactively lowered tariffs on Korean-made automobiles and other products to 15 percent effective Nov. 1 in early last month.

But the special law has yet to pass the National Assembly.

After Trump unexpectedly announced the tariff increase plan on social media the previous day, the South Korean government moved to gauge the Trump administration's intentions while preparing countermeasures.

Industry and Trade Minister Kim Jung-kwan (김정관), who is on a trip in Canada, is also expected to come to the United States soon to hold talks with U.S. Commerce Secretary Howard Lutnick. Trade Minister Yeo Han-koo (여한구) is also expected to visit the United States soon to hold talks with U.S. Trade Representative Jamieson Greer.

South Korea's ruling camp expects that if the bill review procedure begins next month, the special law could pass between late February and early March.

With Trump signaling a willingness to work with South Korea to resolve the issue, the possibility has been raised that the plan to raise tariffs, which appears linked to the handling of the special law through substantive talks between the two countries, could be adjusted.

[Yonhap]