S. Korea, US Discussions End Without Getting to Middle Point
South Korea’s Industry Minister Kim Jung-kwan met with US Commerce Secretary Howard Lutnick for a second consecutive day on Friday to discuss the matter.
"Our understanding of each other's positions has deepened. There were discussions on how to find a middle ground," Kim told reporters after the meeting. "We need more talks. We have not yet reached a conclusion."
Kim did not provide details regarding when the new US tariffs might be implemented, noting only that "negotiations are ongoing."
Earlier, US President Donald Trump announced plans to increase tariffs on South Korean goods from 15% to 25%, citing delays by Seoul’s legislature in approving a previously agreed trade deal. The hikes would affect autos, lumber, and pharmaceuticals.
The dispute centers on a pending investment bill that South Korea’s ruling Democratic Party intends to review and vote on next month, seeking bipartisan approval from the opposition.
In November, Seoul and Washington signed a memorandum of understanding formalizing South Korea’s $350 billion investment pledge in return for lower US tariffs. Under the agreement, South Korea would provide $200 billion in cash installments, capped at $20 billion annually, and $150 billion for bilateral shipbuilding cooperation, while Washington lowered reciprocal tariffs on South Korean imports to 15% as previously agreed.
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