The Korea-U.S. 'Finance and Trade Ministers 2+2 Meeting' was canceled following unilateral notification from the U.S. side. However, the Ministers of Trade from both countries proceeded with their meeting as planned, reaffirming their mutual understanding to resolve tariff negotiations. Minister of Trade, Industry and Energy Kim Jong-kwan and U.S. Secretary of Commerce Howard Lutnick agreed to aim for a resolution before the tariff implementation date.
According to the Ministry of Trade, Industry and Energy on the 25th, Minister Kim Jong-kwan and Chief Negotiator Yeo Han-koo met with Secretary Lutnick at the U.S. Department of Commerce in Washington, D.C., on the 24th at 11:30 a.m. (local time). Both sides reaffirmed their commitment to deriving mutually beneficial resolutions before August 1 and decided to continue additional negotiations as soon as possible.
During the meeting, both sides reportedly discussed in depth ways to resolve tariff negotiations in addition to strengthening manufacturing cooperation. Minister Kim emphasized the need for mutual tariff reductions on major items, considering cooperation between the two countries in strategic manufacturing sectors such as shipbuilding, semiconductors, and batteries.
On the previous day, Minister Kim met with U.S. Secretary of Energy Chris Wright to discuss cooperation in clean energy and energy security. Topics expected to be discussed include additional imports of U.S. energy, participation in the Alaska liquefied natural gas (LNG) pipeline construction project, and investments in nuclear power plants. Minister Kim requested Secretary Wright's attendance at the 'Energy Super Week' to be held in Busan at the end of August.
On the same day, Deputy Minister Yeo held a video conference with Alabama Governor Kay Ivey, emphasizing the contributions of our corporations to investment in the U.S. and conducted outreach activities.
During the remaining time in the U.S., Minister Kim plans to meet with National Energy Chairman Doug Burgum, while Deputy Minister Yeo will meet with U.S. Trade Representative (USTR) Greer and Texas Governor Greg Abbott to discuss tariff negotiations and coordinate plans for cooperation in the energy sector.
Minister Kim said, "I will do my utmost to ensure that our corporations do not receive unfavorable treatment compared to competitors," adding, "Based on the results of the discussions, I will concentrate all efforts to achieve the best outcome from the perspective of maximizing national interests by August 1."