Kim Jung-kwan, Minister of the Ministry of Trade, Industry and Resources, who visited the United States, said, "As we approach the final stage of preparations for the U.S. investment project, a variety of concrete operational issues are emerging. We have held video conferences and working-level contacts, but I came because it seemed necessary to once organize them all together."
Arriving at Dulles International Airport near Washington, D.C., on the 16th (local time), the Minister met with reporters and said, "We previously said we were considering announcing the (U.S. investment) project around late August or early September," adding this.
To the question, "Is it possible to announce the U.S. investment project as early as the end of this month?" the minister said, "We are negotiating with that goal in mind, but more varied issues are coming up than we expected," adding, "Please see my trip to the United States as an effort to resolve those issues one way or another with the end-of-month announcement as the goal."
After the Korea-U.S. trade talks were concluded last year, the United States is said to have told the Korean government that, since Korea has not shown tangible results in U.S. investment for more than nine months, it could raise the tariff rate (15%) agreed upon last year.
Earlier, through a trade agreement with the United States that included $350 billion in U.S. investment, Korea lowered the tariff from 25% to 15%. Of the $350 billion, $150 billion was allocated to shipbuilding cooperation (the Masga project), and the two countries are currently negotiating investment plans for the remaining amount.
In response to a remark that "the U.S. Trump administration is reportedly pressuring that it will raise tariffs unless U.S. investment is expedited," the Minister answered, "I am not sure."
Even so, the minister said, "From the standpoint of picking up the pace on investment, President Trump has said so since the beginning of this year," adding, "A year is now passing, and we share the intent to speed up. I have been shuttling back and forth to consult."
Asked whether the 15% cap on tariffs appears to be holding even after the announcement of the U.S. overproduction probe results, the Minister said there is a consensus between the two countries in that direction, but added, "We will not prejudge and will do our best."
To a question on whether this U.S. trip also includes explaining to the Trump administration the dismissal of Yeo Han-koo, head of the Office of the Minister for Trade, the minister answered, "No."