Washington: South Korean Industry Minister Kim Jung-kwan has arrived in Washington, D.C., to engage in discussions with U.S. Commerce Secretary Howard Lutnick. The discussions are set against the backdrop of President Donald Trump's recent announcement to increase import tariffs on South Korea.
According to Yonhap News Agency, Trump's decision to raise "reciprocal" tariffs and auto duties back to 25 percent is due to South Korea's perceived delay in ratifying a previously finalized tariff deal. This agreement, concluded in October, has faced hurdles in the legislative process in Seoul. Minister Kim, upon his arrival, emphasized his intention to seek a resolution and to detail Korea's efforts to honor the trade agreement.
Kim noted dissatisfaction from the Trump administration regarding the legislative progress in South Korea. He also mentioned that Secretary Lutnick shared this view in their recent conversations. The minister is also scheduled to meet U.S. Energy Secretary Chris Wright to discuss energy and resource cooperation, although specific discussions on the U.S.' natural gas project in Alaska were not confirmed by the Ministry of Trade, Industry and Resources.
The U.S. has been urging South Korea to participate in the Alaska project, with Trump stating that funding has been secured through deals with Korea and Japan. In response to these developments, Minister Kim has expressed a commitment to working with domestic industries and relevant ministries to address trade issues and promote mutual cooperation.
In a related development, Seoul's Trade Minister Yeo Han-koo is set to depart for Washington to engage in discussions with U.S. Trade Representative Jamieson Greer, focusing on the tariff issue.