SEOUL, October 20 (AJP) - Expectations are growing for a possible breakthrough in tariff negotiations with the U.S. as "significant progress" appears to be made.
Presidential policy chief Kim Yong-beom, who returned from Washington, D.C., on Sunday, said, "Significant progress was made in negotiations with the U.S., as most issues have been settled."
Though some areas still require adjustments, he expressed optimism about reaching a deal to finalize trade talks before the upcoming Asia-Pacific Economic Cooperation (APEC) Summit, which is scheduled to be held in the historic city of Gyeongju from Oct. 31 to Nov. 1.
When asked how Seoul would fulfill its pledge to invest US$350 billion in the U.S., agreed in late July to lower reciprocal tariffs from 25 percent to 15 percent, Kim declined to comment on specific details. But he explained that the U.S. recognized the difficulties of making the investment in full and "upfront," as claimed by U.S. President Donald Trump, with both sides working to come up with mutually beneficial arrangements.
Regarding currency swap deals as part of protective measures should a lump-sum cash payment be made, he said the U.S. fully understands the potential impact on the foreign exchange market.
Finance Minister Koo Yun-cheol, who met with U.S. Treasury Secretary Scott Besant on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in the U.S., also returned the same day but declined to comment on the ongoing tariff negotiations.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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