National Security Office Deputy Minister Wi Seong-rak on the 23rd (local time) addressed the stalemate in follow-up negotiations with the United States on tariffs related to the detailed clauses of the $350 billion (about 488 trillion won) investment in the United States, saying, "The position we are taking is not unreasonable or far-fetched," and added, "I think we can find common ground." After the United States demanded a direct cash investment, Korea's negotiating team counterproposed an unlimited Korea-U.S. currency swap but has not received an answer; the remark suggested the deadlock could be broken. Korea's position is to minimize the cash portion and adopt loan and guarantee formats.
Deputy Minister Wi, who accompanied President Lee Jae-myung on the 80th U.N. General Assembly trip, took a related question at a press briefing in New York that day and said, "It is difficult for me to give a more authoritative answer than the Presidential Chief of Staff for Policy or officials at the economic ministries," but, speaking in a personal capacity, added, "I think we can find a point of agreement."
Wi said, "Of course, there is currently a big gap between the two countries' positions, and it is not easy to reconcile views," but added, "(Korea's argument) is based on the objective facts we face, and because we are making a reasonable case, I think we can find common ground." He also said, "Tariffs continue to be imposed, so I think it is better to reach a deal as quickly as possible to stabilize corporations and for predictability."
On the specific expected timing, he said, "It is best to find agreement quickly, and I think we can," adding, "It would be good if the Gyeongju APEC (to be held in October this year) becomes the occasion. If not, our position is that finding common ground even before the (second) summit would be fine."
In this regard, President Lee met with members of the U.S. House and Senate the previous day and conveyed Korea's position, according to reports. Deputy Minister Wi said, "We explained the status of negotiations and our position surrounding the (investment method for) $350 billion," and added, "We laid out what the difficulties are and what the problems are from our perspective." He also said that if President Donald Trump attends next month's Gyeongju APEC, discussions on pending issues, including tariff negotiations, would make progress. However, he added, "It is not yet the case that the U.S. government has officially said Trump will go to APEC."