After tariff negotiations with the United States, the Korean government's negotiating team, which left for the U.S. on the 16th for follow-up talks, said that regarding the method of investing 350 billion dollars (about 497 trillion won) in the United States, "the gap in understanding with the U.S. side has narrowed considerably." Until now, the United States had demanded that most of the 350 billion dollars be in cash direct equity investment (equity), while the Korean government, considering the foreign exchange reserve situation and potential shocks to the foreign exchange market, had requested loan and guarantee forms. With negotiations having struggled for more than two months, this means the two sides have narrowed their differences on this part.
Presidential Chief of Staff for Policy Kim Yong-beom told reporters before departing for Washington, D.C., via Incheon International Airport Terminal 2 that "previously, the relevant departments in the U.S. did not give the impression of communicating very closely, but this time the Treasury, USTR, and Commerce Department showed they were communicating very closely," adding, "I view the negotiations very positively." He indicated that the United States is actively coordinating its internal position to wrap up the talks with Korea.
Regarding accompanying this trip to the United States, Kim said, "It is now the time of the IMF and World Bank annual meetings, so finance ministers and Central Bank governors from each country are all gathering, and it is also an appropriate time to prepare for the APEC summit and the Korea-U.S. summit," adding, "Since the Ministers related to tariff negotiations, including those from the Industry Ministry and the Finance Ministry, are all going to Washington, I judged it would be good for me to gather in one place as well to coordinate our position with the United States and accelerate the negotiations."
Minister Kim Jung-kwan of the Ministry of Trade, Industry and Energy also said, "Please understand that it is difficult to explain specific details because negotiations are underway," but added, "However, I can tell you that the gap in each side's understanding with the U.S. side has narrowed considerably regarding various issues related to concerns about an impact on the foreign exchange market."
On U.S. President Donald Trump's remarks about "upfront" payment, he only answered that it was "one part of the discussion process." Earlier, Trump said at a White House press conference on the 15th (local time) that Korea had agreed to pay the 350 billion dollars in U.S. investment "upfront." Trump also said on the 25th of last month, mentioning Japan and Korea in turn, that he would receive cash "upfront." On this, the Minister said, "I don't think it is appropriate for us to add a caveat or make remarks about what a foreign head of state has said," adding, "However, how about viewing it as one of the items being discussed at the negotiating table."