Seoul: The presidential chief of staff for policy, Kim Yong-beom, expressed optimism on Thursday regarding the progress of follow-up tariff negotiations with the United States. The discussions are centered around the specifics of South Korea’s $350 billion investment commitment to the U.S.

According to Yonhap News Agency, Kim made these comments in response to U.S. Treasury Secretary Scott Bessent’s statement that Washington is nearing the completion of trade negotiations with Seoul. As Kim and Industry Minister Kim Jung-kwan prepared to travel to Washington for trade discussions, they indicated a positive outlook on the matter. Kim emphasized that there has been “close communication” between the U.S. government, including its Treasury, Commerce Department, and the Office of the U.S. Trade Representative, on this issue.

Kim Yong-beom addressed reporters at Incheon International Airport before his departure, highlighting the ongoing efforts to reconcile differences in financial market issues with Washington. Industry Minister Kim Jung-kwan is set to meet U.S. Commerce Secretary Howard Lutnick to further these discussions. Seoul has been advocating for a currency swap deal to prevent potential financial instability due to the large investment. South Korea has also proposed that the investment be structured as credit guarantees and loans, with decisions based on “commercial rationality.”

The negotiations are expected to gain momentum this week, as key South Korean officials, including Finance Minister Koo Yoon-cheol and Trade Minister Yeo Han-koo, are scheduled to engage with senior U.S. negotiators in Washington. This coincides with the annual meetings of the International Monetary Bank and World Bank.

Kim Yong-beom expressed his intention to advance the negotiations ahead of a potential meeting between President Lee Jae Myung and U.S. President Donald Trump at the Asia-Pacific Economic Cooperation (APEC) summit, which South Korea will host later this month. He emphasized the importance of coordinating differing views to expedite the negotiation process.

Industry Minister Kim Jung-kwan noted the shared “consensus” between negotiators from both countries to reach an agreement in time for the APEC summit. However, he underscored the priority of securing a deal that aligns with national interests and gains public approval. Regarding President Trump’s claims about the upfront nature of Seoul’s $350 billion investment, Minister Kim deemed it inappropriate to comment on the remarks, as they are part of the ongoing negotiation dynamics.