SEOUL, September 13 (AJP) - South Korean Industry Minister Kim Jung-kwan met with US Commerce Secretary Howard Lutnick in New York on Saturday to discuss follow-up negotiations on the Korea-US tariff agreement reached in July, according to multiple diplomatic sources.
The ministerial talks come as working-level discussions between the two countries have reportedly reached a deadlock over detailed implementation of the trade deal. Under the July 30 agreement, the US reduced planned reciprocal tariffs on South Korea from 25 percent to 15 percent in exchange for Korean commitments to invest $350 billion in the United States.
Kim traveled to the US on Thursday to personally lead the negotiations after technical talks between Korean and US officials on September 8 failed to make progress. The main sticking points involve the detailed structure of Korea's investment commitments and potential impacts on foreign exchange markets.
Lutnick increased pressure on South Korea on Wednesday, citing Japan's acceptance of similar terms and stating there is no flexibility in the US position. He outlined how Japan agreed to a 50-50 revenue split until recovering its $550 billion investment, after which the US would take 90 percent of profits.
President Lee Jae-myung emphasized during his 100-day press conference on Wednesday that Korea would not accept any agreement that harms national interests or lacks fairness and rationality. The presidential office maintained this stance despite Lutnick's pressure, saying the government will prioritize national interests in negotiations.
reporter
Candice Kim
candicekim1121@ajupress.com
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