New york: South Korean Industry Minister Kim Jung-kwan has concluded his two-day tariff discussions with U.S. Commerce Secretary Howard Lutnick without achieving tangible results, sources stated on Saturday. The meetings, aimed at addressing pressing trade issues, wrapped up without any significant progress.
According to Yonhap News Agency, Kim and Lutnick's discussions were held over two days, initially in Washington and subsequently at Lutnick's residence in New York. The meetings were focused on various trade issues, including tariffs, non-tariff measures, and industrial cooperation. Despite Kim presenting a revised proposal aimed at bridging the gap on contentious items such as the $100 billion investment plan by Korean companies in the U.S. and the U.S. demands for easing beef and rice import barriers, the talks failed to yield a breakthrough.
The Trump administration has been exerting pressure on South Korea to lift its ban on American beef from cattle aged 30 months or older and to increase rice imports. However, the sources indicated that further "internal discussions" are necessary for South Korea to solidify its stance based on the outcomes of the recent negotiations.
South Korea's presidential office plans to convene another trade strategy meeting to deliberate on the next steps for reaching a tariff agreement with the U.S. This comes in light of Japan's recent trade deal with Washington, which lowered reciprocal tariffs to 15 percent and included a substantial $550 billion investment pledge.
The Trump administration has warned that South Korea could face a 25 percent reciprocal tariff if an agreement is not reached by August 1. Meanwhile, Kim also engaged with U.S. Energy Secretary Chris Wright and Interior Secretary Doug Burgum to discuss cooperation in liquefied natural gas (LNG), energy security, and critical minerals.
In a related development, Trade Minister Yeo Han-koo held separate meetings with U.S. Trade Representative Jamieson Greer and Texas Governor Greg Abbott to further the progress in trade negotiations.