Washington: Industry Minister Kim Jung-kwan said that he and US Commerce Secretary Howard Lutnick concluded the first day of their talks over renewed tariff tension between the two countries without an agreement but they agreed to meet again the next day.
Kim and Lutnick held the meeting in Washington, three days after Trump threatened to increase reciprocal tariffs and auto, lumber and pharmaceutical duties on South Korea to 25 per cent from 15 per cent, citing a delay in Seoul’s legislative procedures supporting the implementation of the trade deal, reports Yonhap news agency.
“We had extensive talks and agreed to meet again tomorrow morning,” Kim told reporters after the meeting. “We have not yet reached a conclusion,” he added.
Asked if he succeeded in preventing the Trump administration from raising tariffs on South Korea, he said, “(We were) not at the point of saying whether it was prevented or not prevented.”
He was expected to stress Seoul’s commitment to fulfilling its investment pledge under a bilateral trade deal that was first struck in late July and finalised months later.
Under the deal, South Korea has committed to investing US$350 billion in the United States, among other pledges, in return for the U.S.’ lowering of reciprocal tariffs on South Korea.
During his stay in Washington, Kim also plans to meet other senior Trump administration officials, including Energy Secretary Chris Wright.
US President Donald Trump earlier said that his administration will work “something” out with South Korea after he threatened earlier this week to raise “reciprocal” tariffs and other levies on the Asian ally.
“We will work something out with South Korea,” he said during a press availability at the White House, responding to a question about whether he would increase tariffs on Korea.
On Monday, Trump made the surprise announcement of a plan to increase “reciprocal” tariffs and auto, lumber and pharmaceutical duties on South Korea to 25 percent from 15 percent, taking issue with a delay in Seoul’s legislative procedures supporting the implementation of the trade deal.
(IANS)
