South Korea’s Industry Minister Kim Jung-kwan disclosed that discussions with US Commerce Secretary Howard Lutnick regarding escalating trade tensions concluded without a resolution. Despite the lack of a definitive outcome, both parties acknowledged a deepened understanding of each other’s stances. The talks, held at the Commerce Department in Washington, aimed to address US President Donald Trump’s recent threats to increase tariffs and auto duties on South Korea.
Kim, speaking to reporters after the meeting, emphasized the need for further dialogue to bridge differences. He refrained from specifying a timeline for potential tariff hikes, citing ongoing negotiations. Following the in-person discussions, Kim and Lutnick plan to continue their talks remotely via video link.
During the negotiations, Kim reiterated South Korea’s commitment to fulfilling its investment obligations under the bilateral trade agreement with the US. The deal, which involved South Korea pledging a substantial investment in the United States, was finalized after months of deliberation. President Trump expressed optimism about reaching a resolution with South Korea, following his earlier tariff threats against the country.
Trump’s administration aims to address concerns over delays in South Korea’s legislative processes supporting the trade deal’s implementation. The President’s announcement of proposed tariff increases on South Korea, including on auto, lumber, and pharmaceutical products, underscored the need for prompt legislative action from Seoul.
