Minister Kim Jeong-gwan of the Ministry of Trade, Industry and Energy will visit the United States on the 11th to meet with U.S. Commerce Secretary Howard Lutnick and discuss follow-up measures after the conclusion of the Korea-U.S. tariff negotiations.
According to the Ministry of Trade, Industry and Energy, Minister Kim canceled his previously scheduled visits to Ulsan, Gyeongju and Pohang the day before and urgently finalized a trip to the United States.
Minister Kim is also expected to discuss follow-up measures to the Korea-U.S. trade and tariff negotiations concluded at the end of Jul. Last time, the United States lowered the reciprocal tariff rate on Korea from 25% to 15%, and Korea pledged to proceed with a total of $350 billion in investments in the United States.
However, the talks are at an impasse over differences regarding the structure of the U.S.-bound investment fund and the distribution of revenue. Because of this, the tariff rate on Korean automobiles bound for the United States, which had been agreed at 15%, remains at 25%.
Minister Kim is also expected to request an expansion of visa quotas to facilitate the smooth dispatch of workers from Korean corporations to the United States during his talks with Secretary Lutnick.
To carry out the "Masga Project" discussed in the Korea-U.S. tariff negotiations, a large number of Korean technical personnel are needed, but even corporations that have already invested in the United States are facing hurdles in obtaining visas. Some corporations, unable to secure regular visas, have used ESTA or B-1 visas as a temporary workaround.
In this regard, U.S. Immigration and Customs Enforcement (ICE) and Homeland Security Investigations (HSI) on the 4th (local time) raided the construction site of the joint battery plant by Hyundai Motor Group and LG Energy Solution in Georgia and arrested a total of 475 people, including more than 300 Koreans. Minister Kim was reported to have expressed strong regret to Secretary Lutnick over the matter.