Washington: Industry Minister Kim Jung-kwan is set to arrive in Washington on Wednesday to meet with U.S. Commerce Secretary Howard Lutnick over U.S. President Donald Trump's recent threat to raise tariffs on South Korea, his office said. Kim, who is on a business trip to Canada, is scheduled to leave Ottawa on Wednesday evening and arrive at Dulles International Airport, near Washington, at 9:25 p.m. the same day, or 11:25 a.m. Thursday, Seoul time.
According to Yonhap News Agency, the minister has been rushed from Canada to the United States following Trump's announcement on Monday, which outlined plans to increase "reciprocal" tariffs and duties on South Korean goods, including auto, lumber, and pharmaceuticals, from 15 percent to 25 percent. This move was attributed to delays in South Korea's legislative procedures supporting the implementation of a bilateral trade deal.
In Washington, Kim plans to engage with Lutnick and other U.S. officials to address any concerns related to the trade deal. The agreement involves Seoul's commitment to investing US$350 billion in the U.S., in exchange for the reduction of "reciprocal" tariffs from 25 percent to 15 percent. The minister aims to clarify misunderstandings and reaffirm Seoul's dedication to fulfilling its investment promise.
Following Kim's visit, Trade Minister Yeo Han-koo is also scheduled to travel to Washington to engage in discussions with U.S. Trade Representative Jamieson Greer. In a press availability at the White House on Tuesday, Trump hinted at the possibility of reaching a compromise, stating, "We will work something out with South Korea," in response to a question regarding the potential tariff increase.