Seoul: Industry Minister Kim Jung-kwan was set to leave for the United States on Thursday to hold follow-up negotiations on the framework trade agreement reached between South Korea and the U.S. in late July, Kim's office said. Kim is expected to hold a meeting with U.S. Commerce Secretary Howard Lutnick and other trade officials during his visit.
According to Yonhap News Agency, Seoul and Washington have been holding talks over the details of the bilateral trade deal struck on July 30. Under this agreement, the Donald Trump administration of the U.S. agreed to lower reciprocal tariffs for South Korea to 15 percent from the initially proposed 25 percent and also to cut tariffs on Korean cars to 15 percent from the current 25 percent.
In exchange, the Korean government committed to invest a combined US$350 billion in the U.S. for cooperation in industries such as shipbuilding, semiconductors, and batteries. However, the two sides have yet to bridge their differences on the details of the planned investment and other issues, such as non-tariff trade barriers.