Korea-U.S. Tariff Negotiations Show Progress but Key Issues Remain Divided
On October 24, Kim Yong-beom, head of the Presidential Policy Office, addressed ongoing tariff negotiations between South Korea and the United States, stating, "Some progress has been made, but the core issues continue to see a stalemate between the two countries." He expressed concerns about the potential for prolonged discussions, remarking, "If we hope for a resolution during the Asia-Pacific Economic Cooperation (APEC) summit, we still have a long way to go."
Kim and Minister of Trade, Industry and Energy Kim Jeong-kwan arrived at Incheon International Airport after visiting Washington, D.C., where they held discussions with U.S. Secretary of Commerce Howard Rutnik from October 22 to 24. Following their earlier meeting with Rutnik on October 17, they returned to the U.S. with revised negotiation proposals to report to President Lee Jae-myung.
During the press conference, Kim emphasized that negotiations are interconnected, stating, "Many aspects have narrowed down in opinion." He noted, "As is often the case in negotiations, the most critical one or two issues remain sharply divided until the end." When asked about the current status of the negotiations, Minister Kim indicated that "some parts are still in progress," confirming Kims assertion that several critical issues remain unresolved, putting them at a crucial juncture.
The two officials did not specify the main contentious points of the negotiations. However, government sources revealed that a key issue revolves around the "cash amount" that South Korea is expected to contribute to a U.S. investment fund. South Korea aims to minimize this contribution, which is estimated to be between $15 billion and $20 billion annually, while the U.S. is pushing for a higher cash investment.
As the negotiations continue, both parties are under pressure to reach a mutually beneficial agreement that addresses their respective concerns while fostering economic cooperation. The outcome of these discussions could have significant implications for trade relations and economic strategies between the two nations.
Kim and Minister of Trade, Industry and Energy Kim Jeong-kwan arrived at Incheon International Airport after visiting Washington, D.C., where they held discussions with U.S. Secretary of Commerce Howard Rutnik from October 22 to 24. Following their earlier meeting with Rutnik on October 17, they returned to the U.S. with revised negotiation proposals to report to President Lee Jae-myung.
During the press conference, Kim emphasized that negotiations are interconnected, stating, "Many aspects have narrowed down in opinion." He noted, "As is often the case in negotiations, the most critical one or two issues remain sharply divided until the end." When asked about the current status of the negotiations, Minister Kim indicated that "some parts are still in progress," confirming Kims assertion that several critical issues remain unresolved, putting them at a crucial juncture.
The two officials did not specify the main contentious points of the negotiations. However, government sources revealed that a key issue revolves around the "cash amount" that South Korea is expected to contribute to a U.S. investment fund. South Korea aims to minimize this contribution, which is estimated to be between $15 billion and $20 billion annually, while the U.S. is pushing for a higher cash investment.
As the negotiations continue, both parties are under pressure to reach a mutually beneficial agreement that addresses their respective concerns while fostering economic cooperation. The outcome of these discussions could have significant implications for trade relations and economic strategies between the two nations.
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