Industry Minister Kim Jung-kwan announced that he, along with US Commerce Secretary Howard Lutnick, completed the initial day of discussions regarding the escalating tariff dispute between their respective countries without reaching a resolution.
Despite the lack of agreement, both parties have agreed to reconvene for further negotiations the following day.
Kim and Lutnick convened the meeting in Washington, following President Trump's recent warning to impose higher tariffs on South Korea, specifically targeting industries such as auto, lumber, and pharmaceuticals.
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Trump proposed increasing the tariffs from 15 percent to 25 percent due to concerns over delays in the legislative actions required to facilitate the trade agreement. After engaging in in-depth discussions, we reached a consensus to reconvene tomorrow morning," Kim informed the press following the meeting.
He further noted that a decision has not been made. When questioned about his efforts to deter the Trump administration from increasing tariffs on Korea, he responded by stating that it was not yet determined whether the action had been prevented or allowed to proceed. He was anticipated to emphasize Seoul's dedication to upholding its investment commitment as outlined in a trade agreement negotiated in late July and officially completed several months thereafter.
As part of the agreement, South Korea has undertaken an investment of $350 billion in the US, along with other commitments, in exchange for the reduction of corresponding tariffs by the US on South Korean goods. Kim intends to engage with various high-ranking Trump administration officials, such as Energy Secretary Chris Wright, during his visit to Washington.
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Senior diplomats from South Korea and the US deliberated about the implementation of their collaborative summit agreements and enhancing cooperation regarding US visa issues for Korean workers, as stated by the foreign ministry.
A meeting occurred between Park Jong-han, the deputy minister of foreign affairs responsible for economic matters, and Jonathan Fritz, the principal deputy assistant secretary of state for East Asian and Pacific Affairs in the US, as announced in a statement by the ministry.
Fritz traveled to Seoul this week to continue discussions regarding reforms to the US visa system aimed at assisting Korean workers seeking entry into the US. This initiative follows the creation of a working group in response to the arrest and confinement of over 300 Korean workers during an immigration enforcement operation in Georgia last year.
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Park also requested ongoing assistance from Washington in facilitating seamless business transactions for Korean companies that are investing in the US, according to the statement. During the discussions of the visa working group held, the US announced the establishment of a new standard for defining "specialized trainers" in the context of short-term B-1 business visa applications, a development aimed at providing greater clarity on visa eligibility.
Korean corporations have identified ambiguous visa regulations in the US as a source of bewilderment for their employees during business trips.
Discussions between the two parties also encompassed strategies aimed at facilitating Korean investors in executing their investments in the US seamlessly, particularly in sectors like shipbuilding and other key industries.