A senior South Korean official has reported significant headway in the latest round of tariff negotiations with the United States.
Progress Made In US-South Korea Trade Talks
Kim Yong-beom, the presidential chief of staff for policy, informed the press on Sunday that the recent discussions with U.S. Commerce Secretary Howard Lutnick and other U.S. officials in Washington have led to progress on most issues, according to Yonhap News.
“There was substantive progress on most of the issues,” Kim stated upon his return to Seoul. “But there are areas that still need coordination.”
Kim also voiced hope that the negotiations could be finalized in time for the Asia-Pacific Economic Cooperation (APEC) summit scheduled for the end of the month. However, he noted that there are still “one or two” matters that need additional discussion.
When questioned about South Korea's $350 billion investment pledge to the U.S., Kim chose not to comment on specific details of the negotiations.
Seoul’s Concerns Over $350 Billion US Deal
The ongoing tariff discussions come in the wake of skepticism surrounding the proposed $350 billion trade and investment deal between the U.S. and South Korea. South Korean President Lee Jae Myung had previously expressed reservations about the terms of the deal, insisting on “commercially rational” terms that reflect the interests of both nations.
Furthermore, South Korea’s national security chief, Wi Sung-lac, had voiced concerns about securing a bilateral currency swap agreement with the U.S., citing the U.S.’s track record as a potential hurdle. Wi had also responded to claims about South Korea’s upfront investment of $350 billion, stating that such a large sum was unaffordable for the country.
Given this background, the recent progress in the tariff talks signifies a potential breakthrough in the U.S.-South Korea economic relations, although the specifics of the negotiations remain undisclosed.
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