Seoul: A senior presidential official announced that “substantive” progress has been achieved in recent tariff discussions with the United States. Kim Yong-beom, the presidential chief of staff for policy, made these remarks following his meeting with U.S. Commerce Secretary Howard Lutnick and other officials in Washington.

According to Yonhap News Agency, Kim addressed the media at Incheon International Airport after returning from the U.S., noting that while significant advancements have been made, some areas still require additional coordination. He emphasized the importance of concluding the negotiations smoothly to benefit national interests. He also mentioned that the likelihood of finalizing the talks before the Asia-Pacific Economic Cooperation summit in South Korea has increased since his trip to the U.S.

Despite the progress, Kim acknowledged that “one or two” issues remain unresolved. When questioned about South Korea’s US$350 billion investment commitment to the U.S. over ten years, Kim refrained from discussing details of the negotiations. The investment issue has been a point of contention, with U.S. President Donald Trump stating it should be made “upfront,” while South Korean officials advocate for financial safeguards and a currency swap arrangement.

Kim indicated that both countries are nearing an agreement to manage the investment through a mutually beneficial program. He also mentioned that the U.S. is beginning to understand the potential impact of a large-scale investment on South Korea’s foreign exchange market.

In related discussions, Finance Minister Koo Yun-cheol, who also recently returned from the U.S., chose not to comment on the ongoing tariff talks at the airport.