New york: South Korean Industry Minister Kim Jung-kwan and U.S. Commerce Secretary Howard Lutnick convened in New York to engage in follow-up discussions regarding a trade deal established between the two nations in July, multiple sources reported. This meeting is part of ongoing efforts to resolve differences and finalize the details of the agreement.
According to Yonhap News Agency, the meeting took place at an undisclosed location, with both parties aiming to address unresolved issues. The trade agreement, which was initially reached in July and further discussed during a summit in Washington last month between President Lee Jae Myung and U.S. President Donald Trump, involves South Korea committing to a $350 billion investment in the U.S. In return, Washington agreed to reduce tariffs on South Korean goods from 25 percent to 15 percent.
A diplomatic source indicated that the discussions have not yet reached a stage where an outcome can be announced. The specifics of South Korea's investment plan remain undecided, and the negotiations have reached an impasse, according to Kim Yong-bum, South Korea's presidential chief of staff for policy.
In a recent interview with CNBC, Lutnick emphasized that Seoul should either adhere to the July bilateral framework trade deal or face the imposition of 25 percent tariffs. The South Korean presidential office responded by stating that national interest would remain paramount in these negotiations. A presidential official reiterated President Lee Jae Myung's stance, asserting that South Korea will not engage in negotiations that diverge from rational and fair principles.