Amid the announcement that the United States will impose a 25% reciprocal tariff on Korea starting on the 1st of next month, the two-day negotiations between the Korean and U.S. Ministers of Trade and Industry concluded on the 25th (local time). The two countries failed to reach an agreement on critical issues such as the reciprocal tariff rate and investments in the U.S., suggesting that additional negotiations will continue. The presidential office will hold a trade policy meeting on the 26th to assess the situation.
According to the government and others on that day, Kim Jeong-kwan, Minister of Trade, Industry and Energy, concluded trade negotiations held at the residence of Howard Lutnick, the U.S. Secretary of Commerce. Minister Kim moved to continue negotiations for two consecutive days after having high-level discussions with Secretary Lutnick in Washington, D.C., the previous day.
Minister Kim reportedly presented a modified proposal that reflected discussions held at the trade policy meeting conducted at the presidential office, showing advancements compared to previous negotiations. It is said that additional approaches were attempted in contentious areas such as investments in the U.S. and agricultural products, including beef and rice.
However, Secretary Lutnick reportedly did not finalize the negotiations, as he demanded more concessions from the Korean side despite these proposals.
The presidential office is said to have convened a trade policy meeting chaired by the chief secretary that day to discuss the direction of our response aimed at reaching a settlement on tariff negotiations. Minister Kim is expected to engage in further negotiations based on the consolidated position of our government from the presidential office.
The government aims to conclude trade negotiations by August 1. Kim Yong-beom, the head of the Policy Office at the presidential office, stated regarding the negotiation deadline, 'We are approaching negotiations based on the premise that the deadline is August 1.'