South Korea's Presidential Office announced that trade negotiations with the US have reached an impasse recently, though President Lee Jae Myung remains committed to avoiding any hasty agreements that would result in financial harm to Korean businesses.
Both nations have been working to resolve various challenges to complete a trade agreement that was initially reached in July. The specifics of this comprehensive trade pact require further negotiation, particularly concerning a $350 billion investment fund.
"We cannot do everything the US wants. ... Although (President Lee) aims to reach a deal as soon as possible, he is determined not to give up his role concerning the national interest in order to meet a deadline," a presidential official told reporters
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South Korea's leading trade representative, Yeo Han-koo, is presently in America conducting subsequent discussions regarding tariffs.
Yeo informed journalists that Seoul and Washington continue to participate "actively" in talks aimed at securing a conclusive trade agreement, though the "devil lies in the specifics," according to reports.
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Previously, South Korea's trade minister came back from the US without any clear advancement in subsequent discussions regarding a massive investment agreement designed to reduce trade tariff disputes, indicating that the prominent deal continues to face obstacles and sparking worries that the extended impasse might hinder tariff reduction benefits for South Korean businesses.
Trade Minister Kim Jung-kwan reached Incheon Airport in the early hours of Sunday following discussions with US Commerce Secretary Howard Lutnick in New York.
Kim had been present in the US to work out the specifics of Seoul's committed $350 billion investment in exchange for Washington lowering its "reciprocal" tariffs from 25 percent down to 15 percent.
He conducted two meetings with Lutnick in New York, however, neither party revealed any advancement, intensifying rumors that significant disputes continue to be unsettled.
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The commercial agreement, originally established in July, received general confirmation during the summit between President Lee Jae Myung and US President Donald Trump in Washington the previous month.
Nevertheless, without a formal written agreement in place, particular aspects of the arrangement -- such as the fund's organizational structure and profit distribution methods -- continue to be unresolved.
During a forum hosted by the Korea Broadcasting Journalists Club last week, Kim Yong-bum, South Korea's presidential chief of staff for policy, acknowledged that both parties have reached a "standstill" regarding the agreement's specifics.