The Korean government will hold trade negotiations with U.S. Secretary of Commerce Howard Lutnick on the 24th (local time).
Minister Lutnick said in a CNBC interview that "Koreans are visiting my office today regarding trade."
He noted, "Korea, like Europe, wants to conclude negotiations very much," adding, "When Korea reads the Japan agreement, I could hear expletives coming from Korea's mouth. Korea and Japan are wary of each other," he said. He continued, "So I can imagine what Korea was thinking when it saw Japan's negotiation conclusion, and Korea was probably thinking 'Oh, what to do,' and Korea will come to my office today to talk."
According to government officials, Minister Kim Jeong-kwan of the Ministry of Trade, Industry and Energy and Yeo Han-koo, the head of the Trade Negotiation Headquarters, are scheduled to meet Minister Lutnick at the Department of Commerce in Washington, D.C. on that day.
Earlier, Japan promised to invest $550 billion in the U.S. and agreed to reduce reciprocal tariffs and automobile tariffs from the original 25% to 15% on the condition of opening the automotive and rice markets. Particularly in the case of automobiles, as they are key export items to the U.S. for both Korea and Japan, if Korea cannot lower tariffs to at least the same level as Japan, Korean automobile companies could find themselves at a relative disadvantage in U.S. exports.
There are concerns that the U.S. may leverage this situation to pressure Korea for more concessions.
Meanwhile, the 2+2 ministerial meeting on economic and trade affairs scheduled with the U.S. on the 25th has been postponed due to scheduling issues with U.S. Treasury Secretary Scott Bessent. Additionally, National Security Advisor Yeo Han-koo, who was supposed to meet with Secretary of State Mark Rubio, also returned home on the 24th without meeting with Secretary Rubio.