With trade issues with the United States piling up, including carrying out investments in the U.S. and responding to tariff measures, Minister Kim Jung-kwan of the Ministry of Trade, Industry and Resources boarded a flight to the United States on an unannounced schedule.
According to Yonhap News on the 16th, the Minister departed for the United States that morning.
This U.S. trip by the Minister came about three weeks after attending the opening ceremony of the Korea-U.S. Shipbuilding Cooperation Center last month. It was reported that the schedule was urgently arranged to discuss consultation timetables related to trade.
While there, the Minister is expected to focus on discussions over the status of projects to invest in the U.S. and U.S. tariff measures related to overproduction.
Previously, the two countries agreed last year to lower mutual U.S.-related tariffs from 25% to 15% on the premise of $350 billion in investments in the U.S.
The Ministry of Trade and Industry (MOTI) selected the construction of a gas combined-cycle power plant as the first project for investment in the U.S. and has discussed details with the U.S. government.
The government aims to finalize the selection of the first project within this year, but the U.S. side is urging swift implementation of the investment through diplomatic channels.
On the 14th, when Michele Steel, the U.S. ambassador to Korea, met the Minister before any other Cabinet member except the foreign minister, some read it as showing that carrying out investments in the U.S. is being treated as the top priority.
Amid intense U.S. pressure to invest, devising responses to the tariff issue is also an urgent task.
The U.S. government is set to release at the end of this month the results of its overproduction probe based on Section 301 of the U.S. Trade Act.
With the United States imposing a 12.5% tariff on Korea over forced labor, there are concerns that additional tariffs stemming from the overproduction probe could push the rate above the 15% level agreed by Korea and the United States last year.
The government maintains that there is a mutual consensus between the two countries' trade authorities to keep the 15% ceiling. However, the pace of investment in the U.S. could act as a variable.
U.S. President Donald Trump also urged implementation of investments in January, posting on his social networking service (SNS) that he would raise tariffs on Korean products such as automobiles from 15% to 25%.
With the absence of former Office of the Minister for Trade chief Yeo Han-koo, who had led the Korea-U.S. tariff negotiations, the Minister's burden has grown heavier.
President Lee Jae-myung the previous day dismissed the former deputy minister by executive order. The government did not disclose a clear reason, but it was reported to be unrelated to the tariff talks.
The Ministry of Trade and Industry (MOTI) is currently operating an emergency response system under Trade Vice Minister Park Jeong-seong. During this U.S. trip, the Minister is expected to explain to the U.S. side the vacancy left by the former deputy minister.