Some of South Korea's top government officials were in Washington, D.C., Thursday to talk trade with the Trump administration. There's a lot to discuss and not just about exports.
The acting president of South Korea has been in place for about a month — and he's not sticking around for very long either. Former President Yun Suk Yeol was impeached in December after he declared martial law.
He was removed from office earlier this month — a new election happens in June. And no matter who wins, the trade imbalance with the United States remains a friction point.
The U.S. trade deficit with South Korea was nearly as big as Japan's last year. But South Korea's trade imbalance with the U.S. shot up nearly 30% in the past year.
Semiconductors make up more than a fifth of South Korea's exports — more than $140 billion. Auto exports are worth about $70 billion. And for the first time last year, exports of makeup and cosmetics passed $10 billion.
Along the way, last year, South Korea passed France as the largest exporter of cosmetics to the United States.
And there's investment — South Korean companies are spending more on factories and supply chains built in the United States. President Trump has also expressed interest in South Korea's shipbuilding industry and potential further cooperation.
Thursday's talks with the trade minister and the finance minister mark a beginning — but South Korean officials have been cautious about reaching any early conclusions.
