Industry Minister Meets with US Commerce Secretary to Address Tariff Threats

Industry Minister Meets with US Commerce Secretary

SEOUL, SOUTH KOREA – Industry Minister Kim Jung-kwan recently met with U.S. Commerce Secretary Howard Lutnick to address concerns over tariff threats impacting South Korean exports. The meeting underscored Seoul's commitment to fulfilling investment promises under a bilateral trade agreement between the two nations.

The trade deal, finalized in late July, includes South Korea's pledge to invest $350 billion in the U.S. over several years in exchange for reduced tariffs on Korean goods. President Trump had previously threatened to increase reciprocal tariffs from 15% to 25% due to delays in legislative procedures supporting the agreement's implementation.

Kim emphasized his focus on ensuring the trade deal is executed as agreed, stating, 'I will do my best' during a press conference at the Commerce Department headquarters. Further meetings with other Trump administration officials, including Energy Secretary Chris Wright, are planned to discuss the matter in depth.