Seoul: The presidential chief of staff for policy, Kim Yong-beom, and Industry Minister Kim Jung-kwan are preparing for a visit to Washington this week to engage in follow-up tariff negotiations. The discussions are anticipated to focus on the specifics of South Korea's substantial US$350 billion investment package.
According to Yonhap News Agency, Kim Yong-beom is scheduled to travel to the United States on Thursday and is expected to meet with U.S. Commerce Secretary Howard Lutnick. Details of the meeting schedule have not been disclosed by officials. Concurrently, Industry Minister Kim Jung-kwan will also head to Washington on Thursday, as confirmed by ministry officials, to engage in the critical tariff negotiations.
The visit is a response to the limited progress reported between South Korea and the U.S. regarding the $350 billion investment package. Although the two countries agreed on a framework deal in July to reduce U.S. tariffs on South Korean goods, specifics remain unresolved. South Korea has emphasized the need for a currency swap deal to prevent potential financial instability resulting from the direct investment.
On Monday, the presidential office mentioned that the U.S. has acknowledged some revised proposals in the ongoing trade discussions. This acknowledgment follows Foreign Minister Cho Hyun's statement during a parliamentary audit, indicating that the government is considering an alternative proposal by Washington concerning the financing of Seoul's investment pledge.