South Korea’s Industry Minister Kim Jung-kwan is back in the country after a key trip to the United States. He wrapped up his visit on Sunday, focusing on follow-up talks with US Commerce Secretary Howard Lutnick about a major bilateral trade agreement sealed back in July.
Kim headed to the US on Thursday to sort out tricky details in the deal. Under this agreement, South Korea promised a whopping $350 billion investment in the US. In return, the US agreed to cut its “reciprocal” tariffs on South Korean goods from 25% down to 15%. This could be a game-changer for South Korea-US trade relations, boosting exports and investments on both sides.
The two met in a private spot in New York, but it’s still anyone’s guess if they broke through any roadblocks. No big announcements came out of it, at least not yet.
When Kim landed at Incheon International Airport early Sunday morning – Seoul’s busiest hub – he kept things tight-lipped. He dodged questions from reporters about what went down in the negotiations.
This trade pact was first locked in during July and got a nod at last month’s big summit in Washington. There, South Korean President Lee Jae Myung and US President Donald Trump shook on the broad strokes. But the fine print on that $350 billion investment plan? Still up in the air.
South Korea’s top policy advisor, Kim Yong-bum, recently admitted the talks are at an “impasse.” On the US side, Lutnick turned up the heat on Thursday. In a CNBC chat, he said South Korea better stick to the July framework or brace for those steep tariffs. “The Koreans didn’t sign when the president came to the White House. He didn’t sign the piece of paper,” Lutnick pointed out, nodding to President Lee’s August 25 visit.
As South Korea-US trade talks hang in the balance, everyone’s watching to see if this deal can push forward and ease those tariff tensions.
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