Minister Kim Jung-kwan of the Ministry of Trade, Industry and Resources visited the United States and held a second day of talks on the 30th (local time) with U.S. Commerce Secretary Howard Lutnick, but no concrete conclusion was reached on Washington's threat to re-raise tariffs on Korea.
The Minister met with reporters after more than two hours of talks with Secretary Lutnick at the Commerce Department headquarters in Washington, D.C., starting before 7 a.m. that day, saying the two sides "deepened their understanding of each other's positions" and "discussed how to find a compromise." However, the Minister said, "More talks are needed," and "It's not concluded."
The Minister also avoided specifying whether the U.S. side would actually move to raise tariffs on Korean-made items, saying only that "negotiations are underway." On the schedule for follow-up talks, the Minister added, "Talks during this trip to the United States have concluded, and we will continue with video conferences after returning home."
Earlier, the Minister said the two held a meeting of more than an hour the previous day, during which the Minister emphasized Korea's commitment to carry out investments in the United States, including the Special Act on Investment in the United States, and sought to persuade Washington not to re-raise tariffs.
The talks were held in response to U.S. President Donald Trump's threat on the 26th via social media to raise tariffs on items such as Korean automobiles, lumber, and pharmaceuticals back to 25%, the level before the Korea-U.S. trade accord, after he expressed displeasure that the Special Act on Investment in the United States had not passed the National Assembly in Korea.